The supreme leaders of India, Saudi Arabia, the UAE, EU, France, Italy, Germany and the US made a major announcement at the G20 summit hosted in New Delhi. The announcement was about the joint infrastructure deal which will connect West Asia and Gulf Nations through a network of railways and then connect that with India via shipping trade lanes from ports in the region. The new infrastructure will be called the India-Middle East- Europe Economic Corridor which will strengthen trade, mutual partnerships and international cooperation between countries involved and also bring in a new connection between India and Europe.
The leaders of India, USA, UAE, Saudi Arabia, France, Germany, Italy and the European Union Commission have signed the Memorandum of Understanding to initiate the construction of the India-Middle East-Europe Economic Corridor.
The India-Middle East-Europe Economic Corridor will have two detached corridors. One will be an east corridor connecting India to West Asia (Middle East) and a northern corridor which will link West Asia (Middle East) to Europe.
The idea came up during the I2U2 forum talks held last year. This multilateral forum comprises the US, Israel, the UAE and India to bolster economic cooperation among each other.