EU, India, US, Saudi Arabia enter new era of trade with landmark economic corridor

RIYADH – In what appears to latest move to counter Beijing’s global impact, several nations signed a memorandum of understanding for a landmark economic corridor which will link the Middle East and South Asia, and boost trade ties.

The new corridor was announced at the G20 Leaders’ event, and is touted to stimulate economic development through enhanced connectivity and economic integration across Asia and the Middle East.

Under the new trade route, Europe will be directly connected to the Middle East, and Asia as both continents are known for being commercial hubs and facilitating development.

The new economic corridor will increase commercial trade railways, and pipelines for electricity and hydrogen and will contribute to international energy security. It will further boost existing trade and manufacturing and strengthen food security and supply chains, and will be a new era of quality jobs production.

Saudi Arabia’s Crown Prince Mohammed bin Salman announced the signing of a memorandum of understanding between the EU, India, and the Middle East during his visit to G20 Summit in New Delhi.

The defector ruler of leading Islamic nation said the corridor seeks to achieve the common interests of member countries by strengthening economic interdependence and will help develop clean energy, and its implementation will contribute to long-term gains along transit corridors for all parties.