India to Emerge as Key Link in Global Trade via IMEC: Piyush Goyal
17 Apr 2025
2 Min Read
CW Team
Union Commerce and Industry Minister Piyush Goyal emphasised India's pivotal role in transforming global connectivity and trade during the High-Level Roundtable on the India-Middle East-Europe Economic Corridor (IMEC) held in New Delhi. Describing IMEC as a "modern-day Silk Route," Goyal said the initiative is poised to boost global commerce while strengthening cultural and civilizational ties across regions.
He highlighted IMEC's potential to cut logistics costs by up to 30% and reduce transport time by 40%, enabling seamless trade between Southeast Asia, the Middle East, and Europe. With potential links to Africa, IMEC will feature integrated networks including rail, road, energy pipelines, undersea cables, and clean energy infrastructure.
Goyal asserted that the initiative is rooted in mutual trust, inclusivity, and respect for sovereignty, and not geopolitical dominance. He confirmed ongoing clean energy and digital cooperation discussions with Singapore, Saudi Arabia, and the UAE.
To ensure IMEC鈥檚 success, Goyal proposed a five-pronged roadmap:
1. Public-Private Partnership (PPP) 鈥� Encouraging private sector leadership to drive innovation, efficiency, and practical planning.
2. Regulatory Connectivity 鈥� Harmonising trade and customs procedures, and promoting systems like India鈥檚 UPI for digital payments.
3. Innovative Financing 鈥� Leveraging green bonds and multilateral funding, including long-term 鈥淚MEC Bonds鈥� for sustainable development.
4. Industry Participation 鈥� Involving trade bodies to address on-ground challenges and business needs.
5. Think Tanks & Academia 鈥� Engaging intellectual capital for creative solutions, policy support, and capacity building.
Calling IMEC a visionary and inclusive initiative, Goyal reaffirmed India's commitment to acting as a trusted bridge in global connectivity, inspired by the spirit of Vasudhaiva Kutumbakam 鈥� the world is one family.
(PIB)
Union Commerce and Industry Minister Piyush Goyal emphasised India's pivotal role in transforming global connectivity and trade during the High-Level Roundtable on the India-Middle East-Europe Economic Corridor (IMEC) held in New Delhi. Describing IMEC as a modern-day Silk Route, Goyal said the initiative is poised to boost global commerce while strengthening cultural and civilizational ties across regions. He highlighted IMEC's potential to cut logistics costs by up to 30% and reduce transport time by 40%, enabling seamless trade between Southeast Asia, the Middle East, and Europe. With potential links to Africa, IMEC will feature integrated networks including rail, road, energy pipelines, undersea cables, and clean energy infrastructure. Goyal asserted that the initiative is rooted in mutual trust, inclusivity, and respect for sovereignty, and not geopolitical dominance. He confirmed ongoing clean energy and digital cooperation discussions with Singapore, Saudi Arabia, and the UAE. To ensure IMEC鈥檚 success, Goyal proposed a five-pronged roadmap: 1. Public-Private Partnership (PPP) 鈥� Encouraging private sector leadership to drive innovation, efficiency, and practical planning. 2. Regulatory Connectivity 鈥� Harmonising trade and customs procedures, and promoting systems like India鈥檚 UPI for digital payments. 3. Innovative Financing 鈥� Leveraging green bonds and multilateral funding, including long-term 鈥淚MEC Bonds鈥� for sustainable development. 4. Industry Participation 鈥� Involving trade bodies to address on-ground challenges and business needs. 5. Think Tanks & Academia 鈥� Engaging intellectual capital for creative solutions, policy support, and capacity building. Calling IMEC a visionary and inclusive initiative, Goyal reaffirmed India's commitment to acting as a trusted bridge in global connectivity, inspired by the spirit of Vasudhaiva Kutumbakam 鈥� the world is one family. (PIB)
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