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Magadh Today - Beyond Headlines > Latest News > India > G20 summit 2023 ,US, India, Saudi and EU Unveils multinational rail, ports pact in New Delhi
India

G20 summit 2023 ,US, India, Saudi and EU Unveils multinational rail, ports pact in New Delhi

Gulshan Kumar
Last updated: 2023/09/09 at 7:59 PM
By Gulshan Kumar 2 years ago
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New Delhi – On the sidelines of the G20 summit in New Delhi, global leaders unveiled a groundbreaking multinational rail and ports agreement aimed at bolstering connectivity between the Middle East and South Asia. This development carries significant weight as US President Joe Biden endeavors to counter China’s expansive Belt and Road initiative, positioning the United States as an alternative partner and investor for the developing nations within the G20.

Biden hailed this pact as a “real big deal,” foreseeing its transformative impact on intercontinental port connections. He articulated a vision of a “more stable, more prosperous, and integrated Middle East.” In an official statement, he emphasized that this initiative would unlock “endless opportunities” spanning clean energy, electric power distribution, and the laying of essential communication cables to unite communities.

Prime Minister Narendra Modi, the host of the summit, echoed these sentiments, remarking, “Today, as we embark upon such a monumental connectivity initiative, we are sowing the seeds for future generations to dream bigger.”

This visionary agreement primarily seeks to uplift low and middle-income nations in the region, positioning the Middle East as a pivotal player in global commerce. Jon Finer, the US Deputy National Security Adviser, elucidated that this initiative intends to establish railway links across Middle Eastern nations and connect them to India via strategically located ports. The overarching objective is to facilitate the efficient flow of energy resources and trade from the Gulf to Europe by significantly reducing shipping times, associated costs, and fuel consumption.

An impending memorandum of understanding is set to be signed by key stakeholders, including the European Union, India, Saudi Arabia, the United Arab Emirates, the United States, and other vital G20 partners. While specific financial details of the agreement remain undisclosed, the potential economic and geopolitical ramifications are immense.

This strategic move occurs against the backdrop of broader US diplomatic endeavors in the Middle East, including efforts to foster recognition of Israel by Saudi Arabia. From the US perspective, Deputy National Security Adviser Jon Finer underlined that this agreement plays a pivotal role in “tempering regional tensions” and addressing conflicts within the region.

Reuters

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