G7 Nations Commit to Advancing India-Middle East-Europe Economic Corridor in Summit Communique

GG News Bureau
Rome, Italy, 15th June. 
The Group of Seven (G7) nations have committed to advancing significant infrastructure initiatives, including the India-Middle East-Europe Economic Corridor (IMEC). This commitment was outlined in the G7 Summit Communique issued at the conclusion of the three-day summit, which was attended by Prime Minister Narendra Modi.

The Communique was released on Friday evening following the customary “family photo” at the luxury resort of Borgo Egnazia. It also reiterated the G7’s commitment to a “free and open Indo-Pacific” based on the rule of law.

Prime Minister Modi attended the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, the host. “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,” reads the communique.

The IMEC is envisaged as a groundbreaking initiative, featuring an extensive road, railroad, and shipping network among Saudi Arabia, India, the United States, and Europe to foster integration among Asia, the Middle East, and the West. It is seen as a strategic move by like-minded nations to counter China’s Belt and Road Initiative (BRI), which has faced criticism over lack of transparency and disregard for the sovereignty of participating nations.

China’s BRI is a mega connectivity project linking China with Southeast Asia, Central Asia, Russia, and Europe.

The IMEC initiative was firmed up on the sidelines of the G20 Summit hosted by India in Delhi last year. About the Outreach session on Friday on the topic of Artificial Intelligence, Energy, Africa, and the Mediterranean addressed by PM Modi, the Communique reads: “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.” Among the other priorities of the summit’s agenda, the communique registers “unwavering support” for Ukraine in its ongoing conflict with Russia.

It notes: “With a view to supporting Ukraine’s current and future needs in the face of a prolonged defense 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 immobilization 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.”

In a historic first, Pope Francis joined the participants of the G7 Summit hosted by Italy, which included US President Joe Biden, British Prime Minister Rishi Sunak, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Japanese Prime Minister Fumio Kishida, European Commission President Ursula von der Leyen, and European Council President Charles Michel.

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