India, US, KSA, EU announce rail, ports deal for trade corridor
The leaders sign the 'historic' deal aiming to form a new corridor to bolster trade linking Europe, India, Middle East
India, the US, Saudi Arabia and the EU today announced a mega multinational rail and ports deal on the sidelines of the G20 summit in New Delhi with an eye on China's ambitious Belt and Road Initiative (BRI).
The ambitious plan seeks to bolster trade between India, the Middle East, as well as Europe, covering regions which account for about a third of the global economy.
The joint infrastructure deal, which has been in the works for some time, is a major highlight of the ongoing G20 meeting in Delhi, reports our New Delhi correspondent.
The deal was announced by Indian Prime Minister Narendra Modi with US President Joe Biden, Saudi Crown Prince Mohammed bin Salman and leaders of the EU.
"Today we all have reached an important and historic partnership. In times to come, it will become an effective medium for economic integration of India, the Middle East, and Europe," Modi said at the launch of the new corridor.
Biden said the pact symbolises the G20 theme of "One Earth, One Family, One Future".
"This is a really big deal," he added.
"This is nothing but historic," European Commission President Ursula von der Leyen said while announcing the corridor.
One proposed project would link railway and port facilities across the Middle East — including the United Arab Emirates, Saudi Arabia, Jordan and Israel. Reports said India will be connected through shipping lanes from ports in the region.
"We look forward to the integration of the initiative and the Economic Corridor project which is announced in this meeting. I would like to thank those who worked with us to reach this founding step to establish this important economic corridor," the Saudi crown prince said during the announcement.