Major deal: Leaders of the G20 countries in New Delhi last month where an MOU was signed drawing a number of countries into an ambitious trade agreement. — The Statesman/ANN
ONE of the major outcomes of last month’s G20 Summit in New Delhi was the signing of a memorandum of understanding (MOU) among the governments of India, the United States, Saudi Arabia, the European Union (EU), the United Arab Emirates (UAE), France, Germany and Italy to create the India-Middle East-Europe Economic Corridor (Imec) for establishing an economic corridor stretching from India to Europe.
India’s Prime Minister Narendra Modi hailed Imec as “a beacon of cooperation, innovation, and shared progress charting a journey of shared aspirations and dreams”. Many commentators and leaders have also described Imec as a “historic” development that would prove to be a “game changer”.
