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New economic corridor circling India, Middle East and Europe

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A new railway and shipping corridor has been announced with the aim of boosting economic activity between India, West Asia and Europe. With the announcement of this new corridor, the question arises whether India and the US will counter China’s “Belt and Road Initiative” (BRI) or “One Belt One Road (OBR).

Indian Prime Minister Narendra Modi and US President Joe Biden announced this new economic corridor (a route for economic activities and commodity trade) on Saturday during the G20 summit in the Indian capital New Delhi.

The project aims to connect India, Saudi Arabia, UAE, Jordan, Israel and the European Union through rail and sea routes. It is believed that this will not only increase trade, but the exchange of power resources and digital communication will also increase manifold. This corridor will reduce trade costs in this vast region by a huge margin. Common people will benefit. Signing an agreement to implement the project during the G20 summit, Indian Prime Minister Modi said it is a ‘historic partnership’. Apart from India, this agreement was also signed by Saudi Arabia, United Arab Emirates (UAE), France, Germany, Italy, America and European Union (EU).

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