EU backs IMEC corridor as Hormuz crisis hits trade
The European Union has backed the India-Middle East-Europe Economic Corridor as a way to make India-Europe trade more resilient amid the shipping crisis in the Strait of Hormuz.
European Commissioner Apostolos Tzitzikostas made the case at the Sagarmanthan oceans dialogue in New Delhi, held from October 7 to 9. He said global trade cannot depend on a single maritime route, port or chokepoint.
When one route is disrupted, the consequences extend to factories, energy markets and supply chains, he said. The Iran war has renewed fears about shipping through Hormuz, a key lane for oil and goods.
IMEC is a planned multimodal project announced at the G20 summit in New Delhi in September 2023. It would link India with Europe through the Middle East using shipping, rail and other infrastructure.
Egypt, Lebanon, Oman and Cyprus have shown interest in joining. A French envoy said the Gaza, Iran and Hormuz crises have made a resilient corridor more necessary.
Khabar 24h Editorial Desk — our explainers are prepared by the Khabar 24h editorial team using AI-assisted research tools, and every piece is reviewed by a human editor before publishing. We do not claim original reporting: our work is turning complex topics into simple, accurate summaries. Spotted an error? Write to contact@khabar24h.com — our corrections policy aims for same-day review.
More from this author →
Leave a Reply