G7 nations vow to back India-Middle East-Europe corridor | World News - Hindustan Times
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G7 nations vow to back India-Middle East-Europe corridor

Jun 15, 2024 10:38 AM IST

The Communique was released on Friday evening following the traditional group photo at the luxurious Borgo Egnazia resort.

The G7 nations have pledged support to specific infrastructure projects like the India-Middle East-Europe Economic Corridor (IMEC) in their summit statement or the G7 Communique, released at the conclusion of the three-day G7 Summit, which Prime Minister Narendra Modi attended.

Prime Minister Narendra Modi and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan.(ANI )
Prime Minister Narendra Modi and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan.(ANI )

The Communique was released on Friday evening following the traditional group photo at the luxurious Borgo Egnazia resort.

At the G7 Summit, leaders reaffirmed their dedication to a "free and open Indo-Pacific" governed by international law. Prime Minister Modi participated in the summit at the invitation of Italian Prime Minister Giorgia Meloni, who hosted the event.

“We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa launched by Italy,” the communique read.

Read Here: PM Narendra Modi returns from Italy after attending G7 Summit

Described as a groundbreaking project, the IMEC plans to establish a comprehensive network of roads, railways, and shipping routes linking Saudi Arabia, India, the United States and Europe. This initiative aims to foster integration between Asia, the Middle East, and the Western countries.

The IMEC is also viewed as an effort by allied nations to enhance their strategic influence, particularly in response to China's Belt and Road Initiative (BRI). The BRI, which is a major infrastructure project, connects Southeast Asia, Central Asia, Russia, and Europe with China. The IMEC framework was finalised during discussions held alongside the G20 Summit hosted by India in Delhi last year.

Pope Francis made history by attending the G7 summit hosted by Italy, alongside leaders like US President Joe Biden, Canadian Prime Minister Justin Trudeau, British Prime Minister Rishi Sunak, French President Emmanuel Macron, German Chancellor Olaf Scholz, Japanese Prime Minister Fumio Kishida, European Council President Charles Michel and European Commission President Ursula von der Leyen, were present at the summit.

G7 Summit: What top world economies, PM Narendra Modi discussed? Key takeaways

Modi addressed the Outreach session on Friday on Artificial Intelligence, Energy, Africa and the Mediterranean.

The communique stated, “In a spirit of shared responsibility, we warmly welcome the participation of the Leaders of Algeria, Argentina, Brazil, India, Jordan, Kenya, Mauritania, Tunisia, Turkiye, and the United Arab Emirates. We will step up our efforts to enhance interoperability amongst our AI governance approaches to promote greater certainty, transparency and accountability while recognizing that approaches and policy instruments may vary across G7 members. We will take a risk-based approach in these efforts as we seek to foster innovation and strong, inclusive, and sustainable growth.”

Another key focus of the summit's agenda was expressing strong and consistent backing for Ukraine amid its conflict with Russia.

The statement added, “With a view to supporting Ukraine’s current and future needs in the face of a prolonged defence against Russia, the G7 will launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, in order to make available approximately USD 50 billion in additional funding to Ukraine by the end of the year. Therefore, without prejudice to possible other contributions and standing together, the G7 intends to provide financing that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilisation of Russian sovereign assets held in the European Union and other relevant jurisdictions. To enable this, we will work to obtain approval in these jurisdictions to use future flows of these extraordinary revenues to service and repay the loans.”

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