His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and his team of delegates, attended the 18th G20 Heads of State and Government Summit held in New Delhi, India, where the UAE was participating as a guest of honour. During the summit, His Highness Sheikh Mohammed announced that the UAE will work alongside the Governments of the Kingdom of Saudi Arabia, the Member States of the European Union, the Republic of India, and the United States on the India-Middle East-Europe Economic Corridor (IMEC).
The UAE's collaboration on this corridor project reflects the nation's efforts to strengthen its international partnerships and contribute towards a sustainable future.
The corridor aims to enhance the connectivity and integration between participating countries. It will be established on two different pathways – the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe. Once established, these corridors will reduce shipping costs across the network and facilitate trade in goods and services to, from, and between the UAE, Saudi Arabia, India, and Europe.
Participating countries will also consider the potential of electricity and clean hydrogen exports to enhance regional supply chains, and do their bit to lower greenhouse gas emissions, and incorporate environmental conservation in the initiative.
These countries will meet to advance the design and implementation of the transit network, and are looking forward to working together to establish bodies that will address a range of technical, financial, legal, and regulatory affairs.