The idea for the project was reportedly developed during talks between the U.S. and the Middle East over the last 18 months.
Topline
President Joe Biden, India Prime Minister Narendra Modi and other G20 leaders announced at the Summit Saturday plans to construct a massive rail and shipping corridor that would link India with the Middle East and Europe and advance trade between several economies.Key Facts
The project, dubbed the India – Middle East – Europe Economic Corridor (IMEC), will consist of two corridors—one connecting India to the Arabian Gulf and one connecting the gulf to Europe, according to a statement from the White House.
Officials say the project will reduce trade costs, generate jobs, lower greenhouse gas emissions and increase trade efficiency.
