Speaking at a recent conference on the India-Middle East-Europe Economic Corridor (IMEC), Piyush Goyal, Commerce and Industry Minister, emphasised that the initiative goes beyond trade and economic linkages, envisioning it as a bridge between cultures and civilisations. Apart from public-private partnership and regulatory connectivity, he also proposed extending the corridor to include Southeast Asia and Africa.
Although Indian, American, and European leaders made similar ambitious claims during the project’s launch in New Delhi in September 2023, momentum faded soon after due to the outbreak of the Israel-Hamas war. Since then, the global landscape has changed dramatically.
The trans-Atlantic alliance is under strain, with Washington now negotiating directly with Moscow to end the Ukraine war. Seeking to reduce dependence on the US, European nations are focused on strengthening their own defence capabilities. The European Union has already announced an €800 billion rearmament plan to be completed by 2030.
Meanwhile, the US— under President Trump and his “Make America Great Again” agenda—is likely to show limited interest in global initiatives. Despite efforts to address the Israel-Gaza crisis and the Iran-US standoff, West Asian stability remains elusive. At the same time, the global economy—including India—is grappling with the fallout from the US’s “reciprocal tariffs” and the intensifying US-China trade war.
Despite this, it is interesting that discussions around IMEC have regained some momentum in recent months. The project was prominently featured on the agenda during Prime Minister Modi’s visits to Paris and Washington in February. India and France agreed to collaborate closely on IMEC’s implementation and acknowledged “the strategic importance of Marseille in the Mediterranean’. In Washington, the joint leaders’ statement noted plans to “convene partners from the India-Middle East-Europe Corridor and the I2U2 Group [India-Israel-UAE-USA] within the next six months to announce new initiatives in 2025.”
