G20 Summit: The G20 summit held in the Indian capital will be remembered for a historic agreement. This deal has been made between India, Europe, and the Middle East i.e. Gulf countries. It has been called the India, Europe, and Middle East Economic Corridor Deal. It is being considered as the answer to two Chinese projects. These are the Belt and Road Initiative (BRI) and the China-Pakistan Economic Corridor or CPEC. In a way, CPEC is considered a part of BRI.
At present 8 countries are part of this economic corridor. This deal has innumerable benefits and the target is to complete it in 10 years. US President Joe Biden made clear the importance of the economic corridor. Said- Prime Minister Modi gave the formula of one earth, one future, and one family. Thanks to him.
Arabia, European Union (EU), Italy, Germany, France and America. White House spokesperson had recently pointed towards this deal and said that it is possible that soon some more countries will become part of a special economic deal. Some of these names may surprise you.
Poor and middle-income countries falling in these three regions will benefit the most. America’s Deputy National Security Advisor John Finneran told the media that we will not have to wait for 10 years for its results. Very soon you will see big changes.
According to the report of USA Today, this summit is proving to be very special for President Biden. He was considered soft towards China, but he responded strongly and gave the world the option of BRI. In this, every powerful country including India is with America.
Now the Middle East region will be directly connected to India and Europe not only through rail but also through port. Everyone will benefit from this. Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) wants to make the oil economy business-based. They know that this will fulfill their Vision 2030.