India and Saudi Arabia have announced ambitious plans to create a new modern-day spice trade route.
The move heralds a new era of economic cooperation and cultural exchange between two of the fastest-growing economies in the world.
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This significant development comes after Saudi Arabia’s Crown Prince Mohammed Bin Salmaan (MBS) stayed behind in New Delhi after the G20 Summit for an official state visit.
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The India-Middle East – Europe Economic Corridor will connect the Indian subcontinent to the Arabian Peninsula and beyond.
It signifies a pivotal step in enhancing trade relations between the two nations and offers a counter to lavish Chinese infrastructure spending.
This initiative aims to bolster the economic exchange of various commodities, thereby deepening the trade ties between India and Saudi Arabia.
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Both India and Saudi Arabia have impressive human capital and financial resources to make the project a reality.
India’s Prime Minister Narendra Modi said the scope for cooperation between the two countries is immense.
“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud and I had very productive talks. We reviewed our trade ties and are confident that the commercial linkages between our nations will grow even further in the times to come”.
On the world stage
US President Joe Biden was in India attending the G20 when the announcement was made.
The White House has described the project as a “new era of connectivity.”
“The United States and our partners intend to link both continents to commercial hubs and facilitate the development and export of clean energy; lay undersea cables and link energy grids and telecommunication lines to expand reliable access to electricity; enable innovation of advanced clean energy technology; and connect communities to secure and stable Internet,” it said.
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