Economic corridor to deepen India-Greece link as Delhi eyes Euro market

New Delhi’s reach in European markets is set to become more prominent as both India and Greece are of the view that connectivity between the two nations would strengthen with the opening of the India-Middle East-Europe Economic Corridor (IMEEC).

IMEEC was first announced at the G20 Leaders’ Summit in September 2023 in New Delhi.

The project aims to connect India with the Gulf and Europe through two strategic corridors— the east corridor connecting India to the Gulf and the northern corridor connecting Gulf to Europe, enhancing trade routes and economic integration across continents.

Both India and Greece shared the view that IMEEC would “further strengthen connectivity”, during the recent meeting between External Affairs Minister S Jaishankar and his Greek counterpart George Gerapetritis, who was on a three-day India visit (February 5 to 7).

In a statement today about Gerapetritis’ visit, the Ministry of External Affairs (MEA) said, “The ministers exchanged views on regional and global developments, including those in the Indo-Pacific and East Mediterranean regions. They also shared the view that the India Middle-East Europe Economic Corridor will further strengthen connectivity.”

The statement also said both Jaishankar and Gerapetritis also “reaffirmed their commitment to international law, especially the United Nations Convention on the Law of the Sea (UNCLOS)”, the rules governing all uses of the oceans and their resources between the countries.

Greece holds importance for India within the IMEEC since the country’s location in Europe makes it a crucial gateway to the European market for India. Besides, the country’s seaports, mainly Piraeus, can serve as major entry points for Indian goods heading towards Europe. This strategic location allows for faster and more efficient movement of goods compared to traditional sea routes, potentially reducing transportation costs and transit times.