Historic deal signed with these countries
This time in G-20, all the countries including India achieved many achievements and one of the biggest achievements of this summit is – India-Middle East Europe Economic Corridor (India-Middle East-Europe Economic Corridor, For information, let us tell you that European Union, Saudi Arabia, UAE and America have made this important deal with India. The real objective of this deal between all these countries is to provide a route to West Asia and Europe as well as fast sea and railway speed.
Many experts on this matter are seeing this deal made in India and other countries as a competitor to China’s One Belt One Road Initiative (OBOR). For information, let us tell you that Dubai Port can become the primary link in this deal between India and UAE. This port of Dubai can also be made the point of initial rail link. With the help of this port, work will be done to connect UAE to countries like Saudi Arabia, Turkey, Israel and Europe.
Know why analysts named it ‘New Spice Route’?
Analysts having good knowledge on this subject have named this big agreement made in the G-20 conference as ‘New Spice Route’. Analysts have also named it ‘New Spice Route’ because in ancient times there used to be a good amount of trade between the Indian subcontinent and Europe. In which mainly spices were exported.
Know what are the benefits of the new spice root?
Many people will have questions in their minds that what will be the benefits of the new spice route and how will it work? For their information, let us tell you that two corridors i.e. two routes have been included in the new ‘Spice Route’. In which – East-West which works to connect India with West Asia, while the other is the Northern Corridor i.e. from West Asia to Europe. The reason behind connecting these corridors is to connect IMEEEC to South-East Asia and to put some of the building blocks to good use in trade.
Let us tell you that India already has a trade agreement with the United Arab Emirates, it is also looking for cordial relations with the European Union, Britain and the Gulf Cooperation Council. Which also includes Saudi Arabia and Kuwait. Many officials have said on this deal that shipping time and cost will be reduced, which will make business cheaper and faster than before.
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