India-Middle East-Europe Economic Corridor (IMEC) is a proposed corridor that was recently introduced by PM Modi during his address of Israeli Parliament . IMEC aims to foster economic cooperation and green development through sustainable infrastructure projects.

What do you need to know?

• It was first announced during the G20 meet in New Delhi.
• It is a infrastructure project connecting India, the Middle East and Europe
• It will utilise both railways and shipping sector.
• The corridor would pass through India, the United Arab Emirates, Saudi Arabia, Jordan, Israel and Europe.

How will it be helpful?

• It serves as economic insurance to future-proof global trade in an era marked by supply-chain shocks, geopolitical fragmentation, and climate stress.
• It can help India in finding an alternative to the Red Sea-Suez Canal corridor through which a large chunk of India trade happens. It will complement the existing routes and not replace them.
• In contrast to BRI(Belt and Road Initiative) ,IMEC corridor is inherently multilateral, market-oriented, and standards-driven.

Source: The Hindu