In News:

IMEC is an important initiative that can add to India's maritime security and faster movement of goods between Europe and Asia, said Union Minister of Commerce & Industry at the Confederation of Indian Industry (CII) India-Mediterranean Business Conclave 2024 in New Delhi.

Key Details:

• Corridors:
  • East Corridor: Connects India to the Gulf.
  • Northern Corridor: Links the Gulf to Europe.
• Components:
  • Railroad: Provides a reliable and cost-effective cross-border ship-to-rail transit network.
  • Ship-to-Rail Networks: Integrates road, sea, and rail transport routes.
  • Road Transport: Complements the overall transport infrastructure.
• Expected Benefits:
  • Increased Efficiency: Enhances transit efficiency and reduces costs.
  • Economic Unity: Promotes economic integration and job creation.
  • Environmental Impact: Lowers greenhouse gas emissions.
  • Transformative Integration: Connects Asia, Europe, and the Middle East.
• Additional Features:
  • Infrastructure: Includes laying cables for electricity and digital connectivity, and pipes for clean hydrogen export.
• Implementation:
  • MoU Commitments: Participants will collaboratively address technical design, financing, legal, and regulatory aspects.
  • Action Plan: A meeting is planned within 60 days to develop an action plan with specific timetables.

Geoeconomic Perspective

1. Economic Integration and Interdependence:
   • Prosperity Through Integration: IMEC aims to foster trade and investment among India, the Middle East, and Europe, potentially leading to mutual prosperity and regional stability.
   • Building Bridges: Aligns with the liberal international order by promoting economic interdependence to reduce tensions and create shared interests.
   • Support from Major Powers: Backed by the US, Europe, and India, signaling a strong commitment to economic ties and regional stability.
2. Economic Potential:
   • Infrastructure and Trade Routes: Enhances infrastructure and trade routes, boosting economic activity, trade volumes, and investment opportunities.
   • Regional Development: Promotes job creation and development in economically disadvantaged areas along the corridor.

Geopolitical Perspective

1. Strategic Rivalry with China:
   • Countering the BRI: IMEC is seen as a strategic counterbalance to China's Belt and Road Initiative (BRI), offering an alternative aligned with US, European, and Indian interests.
   • Regional Influence: Aims to limit China’s influence in the Middle East and South Asia by establishing a competing corridor.
2. Geopolitical Alliances:
   • Aligning Interests: Involves strategic partnerships among the US, Europe, and India, reflecting concerns about China’s global strategy and shifting power dynamics.
   • Rivalry and Competition: The IMEC could be viewed as a global positioning move, responding to China’s growing influence and securing strategic interests.

Reasons for Joining the IMEC

1. Economic Enhancement:
   • Boosts Indo-Gulf Relations: Enhances trade and economic ties with the Arab Gulf, addressing infrastructure gaps.
   • Regional Connectivity: Links India with key partners like Israel and Jordan, boosting economic opportunities.
2. Strategic Trade Routes:
   • Alternative Routes: Complements existing routes like Chabahar Port and INSTC, connecting India to southern Eurasia.
   • Bypassing Choke Points: Offers a shorter route to Eastern Mediterranean and Western Europe, avoiding strategic choke points.
3. Energy and Trade Opportunities:
   • Access to Resources: Provides potential access to Eastern Mediterranean gas fields.
   • Trade Bloc Connectivity: Links India with the EU and GCC, opening up growth opportunities.
4. Geopolitical Aspirations:
   • Global Power Ambitions: Supports India’s goal to enhance global influence and integrate with eastern and western neighbors.
   • Economic Growth: Leverages economic integration to support development and influence.
5. Infrastructure Development:
   • Economic Integration: Facilitates infrastructure creation for increased trade volumes and regional stability.

What is the News ?

Presently, the Indian Coast Guard Ship (ICGS) Samudra Prahari is on an international mission covering ASEAN countries.

Facts About:

• Samudra Prahari is an Indian Coast Guard Ship (ICGS) specifically designed for pollution control purposes.

Key Highlights:

• It holds the distinction of being Southeast Asia's pioneering pollution control vessel.
• Equipped with cutting-edge Pollution Response and Control equipment for effectively managing oil spills within the Exclusive Economic Zone.
• Features tanks and inflatable barges for the storage of oil spills.
• Capable of seamless oil recovery operations with a substantial storage capacity of 500 KL.
• Designed to accommodate and operate a twin-engine Advanced Light Helicopter, along with the capability to handle and embark Chetak helicopters.
• Notable features encompass an integrated platform management system, power management system, high-powered external firefighting system, and an indigenous gun mount with firefighting capabilities.
• The vessel possesses unmanned machinery operation capabilities for enhanced efficiency.

What is the News ?

The Prime Minister of India recently declared the start of a massive economic corridor connecting India, the Middle East, and Europe.

Facts About:

• The project involves India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany, and the US.
• Its goal is to boost trade between these countries, especially in energy products.
• The IMEC has two parts:

              An Eastern Corridor linking India to the Gulf region and

              A Northern Corridor connecting the Gulf region to Europe.

• It includes railways, ship-rail transit, and road routes.
• This corridor will have a railway, an electricity cable, a hydrogen pipeline, and a high-speed data cable.
• In the future, it will play a big role in connecting India, West Asia, and Europe economically.
• This rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII).
• Why is it important?
• It will increase prosperity by enhancing energy and digital communications flow among these nations.
• The project will also address the infrastructure needs of developing countries in terms of growth.