India and EU seal historic trade deal worth $27 trillion
India Today
India and the European Union have signed a landmark free trade agreement creating the world's largest economic zone, but the success of this historic pact hinges on completing a critical transport corridor through the volatile Middle East.
The agreement establishes a free trade zone for approximately 2 billion people, representing 25 per cent of global GDP and a combined market worth $27 trillion. Prime Minister Modi emphasised that India and the EU would work to establish the IMEC corridor as a key pillar of global trade and sustainable development.
The India Middle East Europe Economic Corridor (IMEC), the most significant outcome of the G20 summit organised by New Delhi in September 2023, promises to slash transit times between India and Europe by 40 per cent and logistics costs by 30 per cent. The corridor connects India to Europe via the Middle East, but its implementation has faced substantial obstacles.
Progress on IMEC halted following the 7 October attacks on Israeli civilians by Hamas, which triggered the war in Gaza. Whilst an uneasy peace has returned to West Asia, significant uncertainties remain about the project's future.
Central to IMEC's success is the Dubai to Haifa corridor, an overland route that would reduce transit times by seven to ten days. The UAE and Israel established a land corridor via Saudi Arabia and Jordan in December 2023, bypassing the Red Sea after Houthis began attacking merchant shipping. This route, connecting Dubai's Jebel Ali port to Israel's Haifa port, currently handles roughly 350 trucks daily.
However, a railway link offers far greater efficiency. A single train can haul as many goods as 300 trucks, making rail infrastructure essential for IMEC's viability. The UAE has completed its railway segment, but Saudi Arabia and Jordan must finish their links before Abu Dhabi can connect to Haifa.
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