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Although the immediate consequences of the conflict are limited to Palestine and Israel, it may soon have broader implications for the entire Middle East. In fact, according to the GTRI report, the Israel-Hamas war could even derail the prospects of a historic peace deal between Israel and Saudi Arabia, a key link in the India-Middle East Europe Economic Corridor (IMEEC) framework.
GTRI co-founder Ajay Srivastava said that although Saudi Arabia and Israel have historically not maintained any formal diplomatic relations, recent years have seen signs of rapprochement, with talks for normalization underway.
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“The ongoing Israel-Hamas conflict could disrupt the timeline and outcomes of the project, which marks a turning point in the development of this ambitious economic corridor. While the direct impact of the war remains regional, with potential consequences for the proposed corridor, geo- The political consequences are reflected far beyond,” he added.
What is India-Middle East-Europe Economic Corridor?
Last month, during the G20 summit, India, the US, UAE, Saudi Arabia, France, Germany, Italy and the EU signed a memorandum of understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. .
The India-Middle East-Europe Economic Corridor will have two distinct corridors, the Eastern Corridor connecting India with West Asia/Middle East and the Northern Corridor connecting West Asia/Middle East with Europe.
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This will include a rail line which, when completed, will provide a reliable and cost-effective cross-border ship-to-ship route to complement existing multi-modal transportation routes enhancing transshipment of goods and services between India and Southeast Asia. -Will provide rail transit network. to West Asia/Middle East and Europe.
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The main goal of the project is to increase transportation and communication links between Europe and Asia, and it is often seen as a response to China’s Belt and Road Initiative.
However, the GRTI report said disruptions in the Middle East, which is a vital link of this corridor, could lead to delays and complications in the execution of the project.
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Updated: October 14, 2023, 02:41 PM IST
