India poised to become trusted bridge of global connectivity: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal addressed the IndiaMiddle EastEurope Economic Corridor IMEC HighLevel Roundtable on Connectivity and Economic Growth in New Delhi on Wednesday the Ministry of Commerce and Industry said in a release on Wednesday During the event Goyal said that the IMEC is a powerful endorsement of the leadership and partnership of India Middle East and East Europe a very forward and visionary concept that has caught the fancy of the worldAs per the statement the Minister stated that IMEC is not merely a trade route but a modernday Silk Route a partnership of equals that fosters synergy connectivity and inclusive prosperity It will bring down logistics costs by up to 30 per cent reduce transportation time by 40 per cent and create seamless trade linkages across continents he saidHe added We will not only be linking trade we will be linking civilisations and cultures from Southeast Asia to the Gulf from the Middle East to Central Europe Highlighting its potential reach Goyal added that IMEC could even enhance connectivity to Africa through the Middle East The corridor would include railways roadways energy pipelines and clean energy infrastructure including undersea cables India is already in discussions with Singapore on clean energy transmission We are also engaged in dialogue with Saudi Arabia and the UAE he sharedAs per the statement Goyal underscored the corridors emphasis on sustainability and digital connectivity This initiative respects sovereignty and territorial integrity It is not about dominance or creating economic unions It is a partnership built on mutual trust inclusivity and sustainability he saidGoyal further outlined five key suggestions as a way forward for the IMEC initiative as per the statement by the Ministry of Commerce and Industry This included first Goyal stressed the importance of viewing IMEC through the lens of a PublicPrivate Partnership PPP He emphasised that leaving the initiative solely to the government would limit its efficiency and financial viability Instead he called for a collaborative model where the private sector leads bringing to the table its realworld expertise needs and innovative capabilities This approach he noted would ensure smarter and more costeffective planning as the private sector can propose solutions that reflect practical utility It would also allow policymakers to think systematically while the private sector introduces flexibility and innovation ensuring the corridor remains viable efficient and sustainable in its executionSecond Goyal highlighted the need to focus on Regulatory Connectivity going beyond just physical infrastructure He advocated for greater alignment in trade processes customs procedures and paperwork among participating nations He cited Indias ongoing regulatory collaboration with the UAE as an example and pointed out that the successful implementation of the corridor would require seamless crossborder movement without excessive checkpoints Interoperable systems digitisation electric vehicle charging ecosystems and synchronized regulations would be key to unlocking economies of scale He suggested that common digital payment systems such as Indias Unified Payments Interface UPI could serve as a model for enabling seamless financial transactions With periodic settlement in globally accepted reserve currencies such mechanisms could reduce transactional friction and banking costs He proposed that such innovations combined with virtual trade corridor frameworks like the IndiaUAE initiative could be extended through IMEC These would support broader agreements such as FTAs with GCC and EU countries and bolster joint work in green hydrogen renewable energy and supply chain resilienceAs per the statement in the suggestion Goyal underlined the need for Innovative Financing Models to support both the development of the corridor and the trade it will generate He called for active involvement of multilateral financial agencies and suggested exploring instruments like green bonds and the creation of longterm IMEC Bonds to fund this transcontinental infrastructure in a sustainable and futureproof mannerThe fourth suggestion recommended by the Minister was active engagement with industry bodies and trade associations asserting that their insights are essential for designing a corridor that aligns with the real needs of businesses Such collaboration would help identify existing bottlenecks promote best practices and better integrate economies by removing trade frictionsLastly Goyal proposed bringing in Think Tanks and Academia to the visioning and design process These institutions he noted bring creativity research strength and longterm thinking Their involvement would support policy advocacy contribute to outofthebox solutions and assist in capacitybuilding efforts along the corridor He called this a wellrounded package of five initiatives that could help IMEC evolve into a robust viable and inclusive projectThe statement noted that Goyal reiterated Indias clear and committed vision and said the country is ready to act as a trusted reliable bridge connecting regions and catalysing global cooperation under the guiding spirit of Vasudhaiva Kutumbakam the world is one family the ministry addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoeveratOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params