Kolkata: External Affairs Minister S. Jaishankar speaks during the release of the Bangla translation of his book ‘Why Bharat Matters’, in Kolkata, Tuesday, May 14, 2024. (Photo: PTI)
External Affairs Minister S. Jaishankar said on Friday that India is in the process of setting up the India-Middle East-Europe Economic Corridor (IMEC) and the International North-South Transport Corridor (INSTC), which will pass through the Chabahar port. to reshape the global logistics map.
Speaking at the CII Annual Business Summit, Jaishankar said all member states are committed to seeing IMEC through despite the challenging situation in West Asia.
“We are dead serious about it (IMEC) and have spoken to each other. Not everything has to fall into place for something to start. Wherever we can move, we will move,” the minister said.
The IMEC initiative, a sea-land connectivity project linking India with West Asia and Europe, is a move by New Delhi to counter China’s controversial Belt and Road Initiative.
It will provide a reliable and cost-effective cross-border ship-to-rail transit network to complement existing maritime and road transport routes and enable the movement of goods and services to and from and between India, the UAE, Saudi Arabia and Jordan. , Israel and Europe.
“One takes us to the Baltic Sea, the other to the Atlantic Ocean. In the east, the resumption of the India-Myanmar-Thailand trilateral highway will give us access to the Pacific Ocean. We are even exploring the feasibility of polar routes, initially with the Chennai-Vladivostok corridor,” Jaishankar said.
In a clear message to policy observers, the minister emphasized that Indian companies need to tap more global resources.
“We have long looked at Russia from a political or security perspective. Now that the country is turning east, new economic opportunities are presenting themselves. The spike in our trade and new areas of cooperation should not be regarded as a temporary phenomenon,” he said. said.
Jaishankar urged the CII to note that the collateral consequences of hard currency shortages and uncertain logistics are pushing countries to re-examine the mechanics of globalization, all of which impact production.
“This includes exploring new partners, creating shorter supply chains, building inventors and coming up with new payment schemes,” he said.
‘Perfect storm’
Jaishankar argues that the world is facing a ‘three F’ crisis in fuel, food and fertilizers, even as new tensions in Asia have led to agreements being broken and the rule of law being ignored. He said the world is facing a perfect storm.
“The task for India is to mitigate its impact on itself and continue to stabilize the world as far as possible. It is this sensible combination of Bharat first and Vasudhaiva Kutumbakam that defines our image as Vishwabandhu,” the minister explained.
The world moved away from the narrative of harmonious globalization, peaceful rise and win-win situations 15 years ago, while the prospect of protracted conflict has grown, he said.
Jaishankar added that while efforts to promote exports would continue, he hinted that India’s practice of extending credit lines and subsidies to other countries to familiarize them with Indian products and capabilities will deepen.
First print: May 18, 2024 | 12:16 pm IST