The United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union also signed a memorandum of understanding.
(Sputnik) – US President Joe Biden and his Indian counterpart Narendra Modi, along with other global leaders, announced on Saturday an economic corridor linking India, the Middle East and Europe through a network of railways and ports.
“I am proud to announce today that we have finalized this historic agreement for the New Economic Corridor between India, the Middle East and Europe. As a key part of this corridor, we will invest in ships and railways extending from India to Europe, connecting across the world,” Biden said during the event. On the sidelines of the G20 summit in New Delhi: the United Arab Emirates, the Kingdom of Saudi Arabia, Jordan and Israel.
The White House said in a statement that the path aims to “stimulate economic development by increasing connectivity and economic integration between two continents, thus unleashing sustainable and inclusive economic growth.”
“The United States and our partners aim to connect the two continents to commercial hubs and facilitate the development and export of clean energy; lay undersea cables and connect power grids and communications lines to expand reliable access to electricity; enable advanced technological innovation for clean energy; and connect communities to a safe and stable Internet,” the statement added.
The White House added that the United States, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union also signed a memorandum of understanding committing to work together to establish the corridor.
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