In a groundbreaking move, leaders from the US, India, Saudi Arabia, and the EU have unveiled a comprehensive rail and ports agreement on the sidelines of the G20 summit. This ambitious project aims to forge new links between the Middle East and South Asia.
At the news conference, US President Joe Biden emphasized the strategic importance of the initiative.
He stated, "As we work to address infrastructure gaps across low and middle income countries, we need to maximise impact of our investments. That's why a few months ago I announced the United States will work with its partners to invest in economic corridors. In practice, it means we're focusing on regional infrastructure projects, deliver results across multiple countries and in multiple sectors."
European Commission President Ursula von der Leyen highlighted the potential impact of this deal on global trade dynamics.
Remarking, "This is nothing but historic. It will be the most direct connection to date, between India, the Arabian Gulf and Europe, with a rail link that will make trade between India and Europe 40% faster. With an electricity cable and a clean hydrogen pipeline, to foster clean energy trade between Asia, the Middle East and Europe."
The unveiling of this multinational deal comes amidst the backdrop of China's Belt and Road Initiative. With this pact, the US and its partners aim to position themselves as competitive partners and investors for developing countries within the G20 grouping. The agreement includes provisions for a rail link to bolster transport ties between Asia, the Middle East, and Europe, along with energy channels for electricity and hydrogen.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)