Eastern part of IMEEC corridor on track, Jaishankar says in Rome

The eastern part of the India-Middle East-Europe Economic Corridor (IMEEC) is progressing steadily, with active collaboration between India, the UAE, and Saudi Arabia, despite ongoing challenges in the Middle East, external affairs minister S. Jaishankar said.

Jaishankar gave the update on the progress of the corridor, which was announced in September last year, while speaking at the Mediterranean Dialogue 2024 in Rome on Monday.

The IMEEC can be a “game changer,” Jaishankar said, adding that “the conflict underway currently in the Middle East has undoubtedly been a major complication.”

“But the IMEEC is proceeding ahead on the eastern side, especially between India, UAE and Saudi Arabia. I also flag your attention to the I2U2 (India-Israel-UAE-US) grouping. Expect it to be more active in times to come,” he said.

What is the Mediterranean Dialogue?

The Mediterranean Dialogue is an annual high-level conference on Mediterranean geopolitics, promoted by the Italian ministry of foreign affairs and international cooperation and the Italian Institute for International Political Studies (ISPI).

Established in 2015, it serves as a platform for policymakers, experts, and stakeholders to discuss and address the region’s security, economic, and cultural challenges.

Jaishankar said the Mediterranean presents both opportunities and risks in an uncertain and volatile world.

Beyond extrapolating current trends, the new element of our relationship will be connectivity, he said.

“Connectivity, especially maritime, stands disrupted,” he said, while pointing to the Russia-Ukraine and Israel-Hezbollah conflicts.

“Climate events are more extreme and frequent. And the covid pandemic has left deep scars,” he added.

“The situation in the Middle East is obviously deeply concerning, both for what has happened and what may still come. India unequivocally condemns terrorism and hostage taking,” he said, adding that Delhi “also regards large scale civilian casualties in military operations to be unacceptable.

“International humanitarian law cannot be disregarded. In immediate terms, we should all support a ceasefire. India has also extended relief directly and through UNRWA. In the longer term, it is imperative that the future of the Palestinian people be addressed. India favors a two-state solution,” he said.

India’s links with the Mediterranean

India’s annual trade with the Mediterranean nations is worth about $80 billion, with Indian diaspora in the region numbering about 460,000–about 40% of that in Italy, Jaishankar said.

Its key interests include fertilizers, energy, water tech, diamonds, defense, and cyber, along with major projects in airports, ports, railways, steel, green hydrogen, phosphates, and submarine cables.