Cabinet approves Inter-Govt Framework Agreement for India-Middle East Europe Eco Corridor

New Delhi, Mar 13 (Agency) With a view to enhance and strengthen bilateral relations with the United Arab Emirates (UAE), the Union Cabinet on Wednesday approved the Inter-Governmental Framework Agreement (IGFA) on cooperation for the empowerment of the India-Middle East Europe Economic Corridor. The Union Cabinet chaired by Prime Minister Narendra Modi gave its Ex-post facto approval today to the IGFA that was signed on 13th February, 2024 during the High Level visit between the Government of India and the Government of the United Arab Emirates on Cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor (IMEC), an official statement said post Cabinet’s meeting. The aim of the IGFA is to enhance the bilateral relations and to further strengthen the relations between the two countries in the Ports, Maritime and Logistics sectors. The IGFA includes areas of cooperation between the two countries with the objective of exploring further potential of future joint investment and collaboration in respect of development of the IMEC. The Agreement contains detailed framework for cooperation between the two countries.

The cooperation will be based on a set of mutually agreed upon principles, guidelines and agreements consistent with the relevant rules and regulations of the countries’ jurisdiction. This comes in the backdrop of an MoU signed by the United States of America (USA), UAE, Saudi Arabia, France, Germany, Italy and the European Union (EU) to establish India-Middle East Europe Economic Corridor. This MoU was signed during the G-20 summit held in New Delhi in September last year. The IMEC is a critical trade route connecting India with the Middle East and Europe and holds huge potential for fostering economic growth and facilitating the movement of goods and services across regions.