Date : 12/09/2023

Relevance – GS Paper 2 – International Relations

Keywords – IMEEC, BRI, G20

Context-

India, often referred to as Bharat, is a nation of resolute individuals relentlessly striving for success while addressing the missteps of the past. Recent accomplishments, exemplified by the Chandrayaan–3 lunar mission, unmistakably highlight India's insatiable hunger for progress and its commendable capacity to rebound from adversity. The G20 New Delhi Leaders’ Summit, an event of paramount significance, bore witness to India's remarkable diplomatic prowess, securing a multitude of triumphs on the global stage. As per the International Monetary Fund's projections, India's burgeoning role in the world economy places it in the vanguard of global prosperity.

India's Global Significance:

India's growing role in the global economy is undeniable. As per the International Monetary Fund's estimations, India is set to contribute a substantial 15 percent to global economic growth in the current year. This projection underscores India's emergence as a pivotal player on the world stage, poised to be a primary driver of global prosperity in the coming decade. With this prominence comes a dual responsibility: one to its own citizens and another to humanity at large.

Diplomatic Triumph at the G20 Summit:

The recent G20 New Delhi Leaders’ Summit marked a significant diplomatic triumph for India. In a world often characterized by discord and disagreement, India secured a declaration that garnered unanimous acceptance among the participating nations. Beyond declarations, India orchestrated a series of bilateral and plurilateral agreements that served to advance its national interests. These achievements underscored India's prowess in diplomatic negotiations and its capacity to navigate the complexities of global politics.

The IMEEC Initiative Unveiled:

The pinnacle of India's diplomatic achievements at the G20 Summit was the unveiling of the Memorandum of Understanding on the Principles of an India–Middle East–Europe Economic Corridor (IMEEC). IMEEC is not merely a regional economic project but a transformative initiative that envisions connecting two vast continents, Asia and Europe. It involves a consortium of influential sovereign participants, including Saudi Arabia, the European Union (EU), the United Arab Emirates (UAE), France, Germany, Italy, and the United States (US). Together, these nations command a substantial portion of the world's GDP.

The Economic Potential of IMEEC:

IMEEC's objectives are profound and far-reaching. It recognizes the critical importance of global connectivity and the imperative to diversify supply chains. The initiative envisions two major corridors: the Eastern corridor linking India to the Arabian Gulf and the Northern corridor binding the Arabian Gulf to Europe. These corridors are not confined to traditional modes of transport; they encompass a comprehensive approach, including railways, electricity cables, digital networks, and clean hydrogen pipelines. The combined GDP of IMEEC nations amounts to a staggering US$47 trillion, nearly half of the world's total GDP. IMEEC's potential to stimulate economic growth and development is unparalleled.

A Strategic Response to BRI:

IMEEC stands as a resolute response to China's audacious Belt and Road Initiative (BRI). While the BRI had initially gained traction, it had become mired in controversies and criticisms. China's approach, characterized by an imperial format, raised concerns about debt dependency and political influence. In contrast, IMEEC espouses a collaborative model, where each participating nation takes responsibility for constructing its infrastructure according to harmonized standards. This cooperative approach not only addresses strategic concerns but also promises robust commercial benefits.

Learning from BRI Mistakes:

IMEEC draws valuable lessons from the pitfalls that beset the Belt and Road Initiative. It places paramount importance on principles such as sovereignty, territorial integrity, and sustainability. IMEEC's architects are keenly aware of the need to avoid the challenges and criticisms that plagued BRI. Thus, they are meticulously crafting a scheme that aligns with the political and economic realities of the 21st century while ensuring that global partnerships remain insulated from extreme ideologies.

Future Horizons of Connectivity:

IMEEC's launch is a harbinger of plurilateral models in other regions. The concept of an "India, Middle East, and Africa Trade and Connectivity Corridor" is a logical extension, promising to unlock new avenues of economic growth and integration. Connectivity bridges, spanning across Africa and South America, are envisioned as new-age projects that will facilitate the seamless flow of essential commodities, including food and fuel, to meet global demands. These endeavors, when realized, are poised to redefine international trade patterns.

The Role of the US and EU:

The shifting dynamics of the global landscape also entail a transformation in the roles of established powers such as the United States and the European Union. While the US was once the sole superpower shaping 20th-century globalization, it now recognizes the necessity of forging partnerships with nations best positioned to deliver in specific geographic contexts. The evolving roles of these entities are crucial in shaping the success of IMEEC and similar initiatives.

Conclusion:

IMEEC epitomizes India's resolute determination to reshape the contours of global engagement and lessen dependency on regimes governed by questionable policies. While diplomatic discourse may employ terms like "de-risking from China" and "resilient supply chains," the underlying essence of IMEEC is the reconfiguration of the global order to enhance the well-being of all nations and their citizens.

As we reflect upon IMEEC and its multifaceted implications, it becomes evident that this initiative transcends mere economic corridors; it represents a profound reimagining of the world's geopolitical and economic landscape, one where cooperation and mutual benefit take precedence over unilateralism and exploitation. In the coming years, IMEEC's journey will undoubtedly shape the trajectory of nations and the future of global interactions, providing a template for collaborative endeavors that serve the interests of all humanity.

Source – ORF