PM Modi: India-Middle East-Europe Economic Corridor to become the basis of world trade

The upcoming India-Middle East-Europe Economic Corridor will become the basis of world trade for hundreds of years to come, and history will remember that this corridor was initiated on Indian soil, Prime Minister Narendra Modi said on Sunday.

India, the US, United Arab Emirates, and Saudi Arabia have proposed to build shipping and railway links that will link Europe and the Middle East to India.

The plan is to create an economic corridor that links Middle-Eastern countries through rail links, which will then be connected to India through shipping lanes.

The project will also enhance connectivity, de-escalate conflict, and provide a counter to China's 'Belt and Road' initiative.

Prime minister Modi also said that the grand hosting of G20 doubled the joy of every Indian, after the success of Chandrayaan-3.

During the inaugural session of the two-day G20 Summit, held a fortnight ago, the African Union (AU) was granted permanent membership in the Group of 20 largest economies (G20) worldwide.

Over the past few years, India has actively established itself as a prominent advocate, highlighting the issues, difficulties, and aspirations of the Global South, particularly the African continent.