India-Middle East-Europe corridor will be source of regional peace, stability: French trade minister

In an interview with PTI, Primas said France views the proposed corridor as a key to regional integration, stability, and an opportunity to hasten the decarbonisation of trade routes. Billed as a pathbreaking initiative, the IMEEC envisions vast road, railroad, and shipping networks among India, Saudi Arabia, the United States, and Europe, aiming to ensure integration among Asia, the Middle East, and the West. “This project is vital for national interests, enhancing strategic supply chains and boosting security in economic, energy, and health sectors across India, Europe, and the Middle East,” Primas said at the end of her three-day visit to India.

The IMEEC was firmed up on the sidelines of the G20 Summit in September last year in Delhi. An agreement was signed by India, Saudi Arabia, the European Union, the United Arab Emirates (UAE), the US, and some other G20 partners for the corridor. Following the announcement at the G20 summit, France promptly appointed Gerard Mestrallet as a dedicated sherpa for the IMEEC project. The French sherpa accompanied Primas during her visit to India from November 27 to 29. “France also sees this corridor as a key to regional integration, stability, and an opportunity to hasten the decarbonisation of trade routes, providing substantial business prospects for French companies in logistics, energy, and digital sectors,” the French trade minister said. “France is keen to lead in this initiative, positioning Marseille as the strategic European gateway for the corridor,” she added.

Outlining France’s vision for the mega project, Primas said the corridor will also act as a source for regional peace and stability. There has been a delay in rolling out the initiative on the ground due to the precarious security situation in West Asia. The IMEEC also envisages an electricity cable network, a hydrogen pipeline, and a high-speed data cable network to facilitate overall economic growth in the partner countries.

The project is also seen as an initiative by like-minded nations to gain strategic influence in the face of China’s Belt and Road Initiative (BRI), which has faced increasing criticism over lack of transparency and disregard for the sovereignty of the nations. The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia, and Europe. India has been holding talks with various key stakeholders, including France and the US, on the implementation of the IMEEC. In an address at a business conclave in September, External Affairs Minister S. Jaishankar said the IMEEC would become a “cornerstone of global connectivity.”... During her visit to India, the French foreign trade minister held talks with Commerce Minister Piyush Goyal on a range of issues, including ways to encourage more investment flows between the two countries. “The trajectory of the India-France bilateral partnership, particularly in trade and investment, is on a notably positive upward trend,” she said. “Strategic alignment, especially in defence, has been a cornerstone of our relations over the years. Recently, there has been a significant boost in our economic and commercial exchanges,” she added. Primas said France’s presence in India is “rich and diverse,” with many French companies choosing India as a market of the future. “These companies already employ approximately 4,50,000 people in India. Regarding attractiveness, Indian companies are active in France, but there is potential for more growth,” she said.  “Despite France being the top European destination for foreign investments continuously since 2020, it ranks only sixth for Indian investments in Europe,” she added…The 2047 “Horizon Partnership” was unveiled following wide-ranging talks between Prime Minister Narendra Modi and French President Emmanuel Macron in Paris in July last year. Its aim was to shore up bilateral ties, including in trade and investment.