G20 Summit: MoU Signed On India-Middle East-Europe Economic Corridor

 

Leaders of the world’s biggest economies assembled in India for a two-day G20 Summit. India is hosting the 18th edition of the G20 Summit and the capital city of New Delhi has been all decked up with elaborate arrangements. The first day of the event was historic as member nations reached a consensus on multiple issues.

A Memorandum of Understanding was inked Saturday between India, Saudi Arabia, France, Germany, Italy, the US, UAE, and the EU to establish the milestone rail and shipping corridor aimed at fostering economic growth and political cooperation.

“This is a big deal,” said Biden. “This is a really big deal.”

The corridor would help boost trade, deliver energy resources, and improve digital connectivity. It would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the European Union, said Jake Sullivan, Biden’s national security adviser.

US President Joe Biden thanked UAE President Sheikh Mohamed bin Zayed Al Nahyan for his key role in securing the milestone deal.

“I do want to say thank you, thank you, thank you. I don’t think we would be here without you,” the US President said.

Biden said the economic connectivity corridor would unlock “endless opportunities” and contribute to “a more stable, more prosperous and integrated Middle East.”