Why is China’s BRI criticized all over the world? How is the India-Middle East-Europe Economic Corridor different? Know A to Z

India Middle East Europe Economic Corridor: During the G-20 summit last week, the European Union, India, Saudi Arabia, the United Arab Emirates, the United States together signed a new economic corridor ‘India-Middle East-Europe’. Laid the foundation of ‘Economic Corridor’ (IMEC). IMEC is a transport link project. Under this project, a network of rail routes and ports will be created for trade.  

Under this network, the railway line will pass through United Arab Emirates, Saudi Arabia, Jordan and Israel and the corridor will end in Europe.  

With the preparation of IMEC, up to 40 percent time will be saved in trade between member countries. Apart from this, India’s connectivity with other countries in terms of trade will be better than before because India is not a part of China’s Belt and Road Initiative project. In this way, money spent on other costs and fuel usage can be saved. However, Turkey has not been included in this project. 

But what will be its benefits?

India-Middle East-Europe Economic Corridor is being seen as an alternative to China’s Belt and Road Initiative (BRI). It is believed that this can put a stop to the BRI project. With this, preparations are being made to give a big blow to China. 

The goal of IMEC is?

With the preparation of this trade corridor, clean energy, power and widespread electricity will be available. Apart from this, food security and supply chain can be improved, this will also provide job opportunities.

What is China’s BRI project?

China’s BRI project has been prepared on the lines of the historical Silk Route. This project is from China. BRI project was started in the year 2013. The BRI route passes through the Gobi desert and the Pamir hills. 

BRI has now spread to Africa, Latin America, Oceania. According to The Week magazine, there is an investment of 7.1 trillion dollars in this entire project. Till now it has 149 country partners. In which maximum 44 countries of Sub-Saharan region of Africa are included. By April 2023, 9 G-20 countries are included in it. However, Italy is now looking for ways to exit the BI project. 

At the end of July, Italy’s Defense Minister Goido Crosetto had hinted at exiting the project. In an interview given to Italian newspaper Corriere Della Sera, Goido Crosetto had said that Italy’s joining the BRI project in 2019 was a hasty decision, which could prove to be disastrous. After this, during the G-20 summit in Delhi, Italian Prime Minister Georgia Meloni had also hinted at exiting the BRI project. 

Why is the BRI project criticized?

According to The Week magazine, there have been allegations against the BRI project that it has been prepared keeping in mind human values. Apart from this, many allegations have also been made regarding the environment.  Regarding China’s BRI project, it is also said that China uses this project to trap poor countries in debt trap. 

What are the goals of the BRI project?

The priorities that the BRI project has promised to the member countries include unhindered trade, financial integration, policy coordination, infrastructure connectivity. 

Which countries are included?

The Belt and Road Initiative includes 34 countries in Europe and Central Asia. Whereas 25 countries from East Asia and Pacific, 17 countries from Middle East and North Africa, 6 countries from South East Asia, 18 countries from Latin America and Caribbean region are included. Sub-Saharan Africa countries are included the most, numbering 38. 

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