India-Middle East-Europe Economic Corridor announced on sidelines of G20

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India, the European Union and six other countries on Saturday announced a Memorandum of Understanding to develop an “India-Middle East-Europe Economic Corridor”. The announcement was made on the sidelines of the ongoing G20 Summit in New Delhi. The Memorandum of Understanding was signed between India, the European Union, United States, United Arab Emirates, Saudi Arabia, France, Germany and Italy. A fact sheet released by the White House stated that the corridor aims to “usher in a new era of connectivity with a railway, linked through ports connecting Europe, the Middle East, and Asia”. Prime Minister Narendra Modi said that the...