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EASTIndia-Middle East-Europe economic corridor to counter China?
The article revealed that India-Middle East-Europe Economic Corridor (IMEC) may counter China's Belt and Road Initiative (BRI). In terms of objectives, both the mega transnational projects are similar, although China's BRI is larger in terms of scale. At the G7 leaders meeting in May in Japan, the world's seven richest countries pledged to collectively mobilize $600 billion (€558 billion) by 2027 to counter the BRI. The total proposed budget remains unannounced, which will be decided in about two months.
The project, if completed, could act as a foil to China's Belt and Road Initiative (BRI), a massive infrastructure project that has fueled concerns over Beijing's extensive footprint across at least three continents. Some IMEC signatories are also part of BRI, including Italy, Saudi Arabia and the UAE.
However, there are signs China is slowing down on BRI because of its flagging economy. Additionally, some countries have accused China of gaining strategic influence without paying attention to local needs, as well as projects adversely impacting the environment. Italy has signaled that it aims to pull out of the
The project, if completed, could act as a foil to China's Belt and Road Initiative (BRI), a massive infrastructure project that has fueled concerns over Beijing's extensive footprint across at least three continents. Some IMEC signatories are also part of BRI, including Italy, Saudi Arabia and the UAE.
However, there are signs China is slowing down on BRI because of its flagging economy. Additionally, some countries have accused China of gaining strategic influence without paying attention to local needs, as well as projects adversely impacting the environment. Italy has signaled that it aims to pull out of the
Quote:
The India-Middle East-Europe Economic Corridor (IMEC) was announced on the sidelines of the recently concluded G20 leaders' summit in New Delhi. The project, if completed, could act as a foil to China's Belt and Road Initiative (BRI), a massive infrastructure project that has fueled concerns over Beijing's extensive footprint across at least three continents.
European Commission President Ursula Von der Leyen said during her annual State of the European Union speech on Wednesday that the corridor will "be the most direct connection to date between India, the Arabian Gulf and Europe: With a rail link, that will make trade between India and Europe 40% faster."
The White House said in a statement that "across the corridor, we envision driving existing trade and manufacturing, and strengthening food security and supply chains. Our approach aims to unlock new investments from partners, including the private sector, and spur the creation of quality jobs."
The White House said in a statement that "across the corridor, we envision driving existing trade and manufacturing, and strengthening food security and supply chains. Our approach aims to unlock new investments from partners, including the private sector, and spur the creation of quality jobs."
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ZnWC
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I reflect trading experience by writing journals. My posts and comments are for education purpose not financial advice.
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ZnWC OP Dr Fortune Visioner : China is not included in the IMEC hence will not benefit from the initiative.
Dr Fortune Visioner ZnWC OP : Many business people from China around the world. They can trade and finance any trade of any products around the world. Business is not about politic. People still in power
ZnWC OP Dr Fortune Visioner : It is true if you assume free trade but IMEC is formed due to geopolitical and the purpose is to benefit to countries that are directly involved. This article highlighted many evidences that it is formed to counter China.
ZnWC OP Dr Fortune Visioner : The recent EU probe into Chinese EV subsidies is an example that such trading bloc is formed at the best interest of the membership countries.
Dr Fortune Visioner ZnWC OP : Business people is too smart than those policians. No body can stop business people
ZnWC OP Dr Fortune Visioner : This is not about smartness, is about business incentives. IMEC like all trading bloc will onlybenefit membership countries and business will follow where incentives are . China is not the membership and will not enjoy any incentive.
ZnWC OP Dr Fortune Visioner : "The IMEC is a good idea economically and strategically as it will facilitate speedy transportation of goods between India, the Gulf, Middle East and Europe. IMEC is meant to bypass China.
Dr Fortune Visioner : In business, everyone is connected beyond politic. They will never can destroy any country but yes it will boost business activities. Anyway, China do the same
ZnWC OP Dr Fortune Visioner : Here is another report about IMEC direct threat to China. If the IMEC progresses as per the prediction, soon India will be a leading player posing direct challenge to Chinese hegemony. You can't quote any evidence to prove otherwise.
Is It Now BRI v/s IMEC? India Bags Big Win During G20 Resulting Setback For China
Dr Fortune Visioner : Nothing to worried. Let them build and invest in their own way, no body can control any country to decide on what they should do
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