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Baner Club > Blog > Business > Transcontinental trade agreement between the UAE and Indian PM Modi
Business

Transcontinental trade agreement between the UAE and Indian PM Modi

India-Middle East Economic Corridor agreement is in jeopardy amid Israel's ongoing genocide in Gaza

Last updated: 2024/02/14 at 3:06 PM
Published February 14, 2024
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During his trip to the UAE on Tuesday, Indian Prime Minister Narendra Modi inked a trade corridor pact aimed at connecting Europe and India via sea and rail across areas of the Middle East, according to DW.

The ambitious plan, which is endorsed by the United States and the European Union, was disclosed in a statement by the Indian foreign ministry, but little details about what the parties had agreed on were made public.

“This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity,” according to a statement from the ministry.

The corridor, unveiled at the G20 meeting in September, aims to connect India, the UAE, Saudi Arabia, Jordan, and Israel with Europe.

However, the ministry only named India and the UAE, a regional Gulf Arab giant with more than a century of trading relations.

The India-Middle East Economic Corridor pact is in peril because to the ongoing genocide in Gaza, which has hindered US-backed Israeli integration with Arab countries, as well as Saudi Arabia’s suspension of normalization initiatives.

The UAE foreign ministry did not immediately respond to an email requesting comment on the agreement’s details.

Modi met with UAE President Sheikh Mohamed bin Zayed al Nahyan, whom the Indian leader frequently refers to as a “brother”.

“Our region is now going through a terrible moment, but because of our partnership with you, we are creating a lot of hope and looking forward to a future with India that is on par with our ambitions,” Sheikh Mohamed said at a meeting with Modi on Tuesday, according to a video shared on Modi’s YouTube channel.

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