One of the significant agreements on the sidelines of the G-20 summit is the India-Middle East-Europe Economic Corridor, which is seen as a rival to China’s Belt and Road initiative and is expected to provide an alternative route for shipments to Europe.
The plan will benefit the Adani group, which has already paid $1.2 billion and gained control of Haifa port in Israel. The West Asian (Middle East) corridor consists of two separate corridors: the east corridor will link the Indian port of Mundra on the west coast to Fujairah port and then transport goods through standardised containers to the Israeli port of Haifa using the railroad via Saudi Arabia and Jordan.
