With G20-IMEC plan, the global order shifts to Eurasia

Source– The post is based on the article “With G20-IMEC plan, the global order shifts to Eurasia” published in the “The Times of India” on 20th September 2023.

Syllabus: GS2- International relations

Relevance- Connectivity projects impacting the global politics

News– At the G20 Summit, President Joe Biden, joined by the leaders of India, Saudi Arabia, UAE, France, Germany, Italy, and the European Commission, unveiled the multi-modal India-Middle East-Europe Corridor (IMEC).

What are some facts about the India-Middle East-Europe Corridor (IMEC)?

The economic corridor consists of two main routes. The first is an eastern route, which enables India to connect to the Arabian Gulf through sea routes. The second is the northern route that connects Saudi Arabia to Europe through Jordan and Israel.

Collective Gross Domestic Product (GDP) of the IMEC nations totals approximately $47 trillion. This GDP represents approximately 40% of the world’s total GDP.

What is the significance of India-Middle East-Europe Corridor (IMEC)?

Shared vision for the Eurasian supercontinent- It aspires to establish a route leading to a more interconnected transoceanic system, stretching from the Mediterranean region through West Asia to the vast Indo-Pacific.

Changing world order- IMEC represents an implicit recognition from the West of the tangible consequences of the ascendance of non-Western powers and the undeniable shift of the world’s economic and geopolitical center toward the East.

It underscores the need to assign more substantial global leadership roles to India, Saudi Arabia, and the UAE in reshaping the future of Eurasia’s economic and geopolitical landscape. Abu Dhabi, Riyadh, New Delhi, and other emerging powers within Eurasia will hold significant influence in realigning the broader power dynamics across the supercontinent.

Emergence of a West Asian system- Washington and Brussels might be inclined to present the IMEC as an alternative to China’s Belt and Road Initiative. But, for Delhi, Abu Dhabi, and Riyadh, the IMEC represents the emergence of a West Asian system.

Within this system, India, Saudi Arabia, the UAE, Oman, and Egypt are progressively coming together beyond areas such as energy, remittances, and shared ideology.

IMEC serves as another effort to unite Saudi Arabia and Israel under a single transcontinental framework. It also contributes to ongoing US-supported endeavors to secure a normalization agreement between these two nations.

United States’ Eurasian strategy in the post-US hegemony era- Washington aims to shape a balanced power structure across the broader Eurasian landscape.

The objective is to prevent a loose coalition of states, including China, Russia, and Iran, from dominating the supercontinent.

Instead, the strategy involves strengthening the positions of countries like India, Saudi Arabia, and Japan. They should be enabled to exert economic and geopolitical influence and actively contribute to a balanced Eurasian power structure.

European Union’s strategy in the new multipolar world- It is the most ambitious endeavor to gain geopolitical significance and cohesion beyond the European continent in the new multipolar world.

Major European nations like Rome, Berlin, and Paris, with London are aiming to align their efforts with the United States and Asian powers.

They are going beyond occasional maritime exercises in the Indo-Pacific and are working on integrating their economic systems with high-growth markets in the East.

Way forward-

For India, Saudi Arabia, the UAE, and other involved parties, the goal of achieving a balanced Eurasian structure does not imply forming a dual containment alliance against China and Russia.

There is a need for conducting a pragmatic evaluation of each nation’s motivations for involvement, progressing the project beyond a mere Memorandum of Understanding,

It is necessary to tackle logistical and operational hurdles, and give precedence to electricity, digital connectivity, and clean hydrogen during the initial phases of the Corridor.

The IMEC nations should take proactive measures to address potential security challenges that may arise due to the heightened Eurasian connectivity brought about by the corridor.