West Asia conflict could delay IMEC, says MEA official
• The ongoing crisis in West Asia could hinder the completion of the India-Middle East-Europe Economic Corridor (IMEC).
• The IMEC, a proposed corridor connecting India to the Gulf region and the Gulf region to Europe, faces competition from similar projects like the China-led Belt and Road Initiative (BRI).
• The main challenge is harmonisation across platforms, countries, technical and phytosanitary regulations, transportation networks, and taxation systems.
• The IMEC would require a fund financed by private companies who will benefit from the corridor.
• Vice Admiral Anil Chawla, a Distinguished Fellow at the Council for Strategic and Defence Research, emphasized that while the IMEC would reduce cargo transit times, customs regulations at each transit point could undo the gains.