India-Middle East-Europe Trade Corridor Gains Momentum
At the levels recently discussed between India and the United Arab Emirates, IMEEC is now moving forward with new vigor. This trade corridor was established during the G-20 Summit held in New Delhi (September 2023) and purports to create a rapid, efficient trade route from India across the Middle East into Europe and the USA.
Major Conferences Held in Abu Dhabi:
This was a major meeting held in Abu Dhabi, with T.K. Ramachandaran Sekataran Ports, Shipping, and Waterways of India meeting with Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports. Present at this meeting were also the Ambassador of India to UAE, Mr.Sunjay Sudhir, along with senior officials from prominent Indian ports and logistics companies.
Some major points discussed are:
– Expansion of the ports and rail networks to allow faster flow of trades.
– Setting up digital trade platforms to allow trade transactions to take place on the fly.
– Cooperation in renewable energy areas, like solar and green hydrogen.
Maitri– New Digital Trade Platform
MAITRI- Master Application for International Trade and Regulatory Interface- a fresh digital trade platform unveiled during the visit of the Crown Prince of Abu Dhabi to India in 2024. At the talks, officials concentrated on how this platform can link trade systems from India and the UAE in an entirely paperless and efficient manner across borders.
Core features of MAITRI:
- It connects India’s National Logistics Portal-Marine, Customs Gateway, Unified Logistics Platform with UAE trade systems
- It also incorporates the Virtual Trade Corridor (VTC), which is geared to enhance trade between India and the UAE (currently exceeding $85 billion per year).
- Facilitates faster shipping and clearing.
IMEEC: A Game Changer for International Trade
- India-Middle East-Europe Economic Corridor (IMEEC): An important corridor of trade between India, the Middle East, and Europe. The corridor will have:
- fast rail and port corridors for reduced trade time
- Energy connectivity with an electrical grid to have solar power between UAE & India
- Green hydrogen projects for clean energy development
Why is IMEEC Important?
- Faster trade – A shorter and more efficient route for Indian exports to Europe and the USA
- Stronger partnerships – Brings together economies such as India, UAE, USA, EU, Saudi Arabia, France, Italy, and Germany
- Sustainability focus – Clean energy, digital trade
The Corridor’s Future
Mumbai, February 2025, was the site of a workshop wherein Indian top brass and UAE counterparts converged to hash out the way forward. This has the potential to turn IMEEC in years to come, with the utmost backing of both governments, into one of the most significant trade routes in the world.
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