Context: 

Recently, First visited an Indian Inter-Ministerial Delegation to the UAE, from May 15 to 17, for the India-UAE Intergovernmental Framework Agreement on IMEEC. 

Key points:

• The Framework Agreement was signed on February 13 in Abu Dhabi, attended by the Indian Prime Minister and UAE President.
• The agreement aims to develop the IMEEC, focusing on joint investment and technical collaboration.
• The delegation aimed to strengthen cooperation with key UAE entities for the effective implementation of the IMEEC.
• The Indian delegation visited Khalifa Port, Fujairah Port, and Jebel Ali Port for discussions with port authorities and UAE Customs to facilitate the movement of goods.

About IMEEC 

• It was announced in September 2023 during a meeting in New Delhi, held alongside the G20 Summit, attended by leaders from India, the US, the UAE, Saudi Arabia, Italy, France, Germany, and the European Commission.
• A proposed economic corridor connecting India, the Middle East, and Europe..
• Aims to improve transportation networks (shipping, rail, road) for faster trade.

Objectives:

• Enhance economic integration between Asia, Europe, and the Middle East.
• Boost trade and investment opportunities.
• Increase efficiency and reduce transportation costs.
• Generate jobs and stimulate economic growth.
• To reduce greenhouse gas emissions, contributing to environmental sustainability.

Components:

• Two main corridors:
• Eastern Corridor: Links India (Mumbai, Mundra) to the UAE.
• Northern Corridor: Connects the Gulf region to Europe via Israel and Greece.

• India: Kandla Port (Gujarat), Jawaharlal Nehru Port Trust (Navi Mumbai)
• Middle East: Dammam Port (Saudi Arabia), Ras Al Khair Port (Saudi Arabia)
• Europe: Messina Port (Italy), Marseille Port (France), Piraeus Port (Greece)

Significance:

• Potential to cut transit times between India and Europe by 40% compared to the Suez Canal route.
• Encourages development of renewable energy projects in the Middle East.
• Creates a larger market for goods and services.