IMEC to boost global trade, logistics costs to dip: Goyal

India is poised to become a trusted bridge of global connectivity through the India-Middle East-Europe Economic Corridor (IMEC), which will reduce logistics costs by up to 30% and transportation time by 40%, Union Commerce Minister Piyush Goyal said on Wednesday.

Addressing a high-level roundtable, Goyal said the IMEC was a powerful endorsement of the leadership and partnership of India and West Asia and East Europe.

It had caught the fancy of the world, he noted, adding that the IMEC was not merely a trade route, but a modern-day “Silk Route”, a partnership of equals that fostered synergy, connectivity and inclusive prosperity. “We will not only be linking trade, we will be linking civilisations and cultures, from Southeast Asia to the Gulf, from West Asia to Central Europe,” Goyal said.

The corridor would include railways, roadways, energy pipelines and clean energy infrastructure, including undersea cables. “India is already in discussions with Singapore on clean energy transmission. We are also holding talks with Saudi Arabia and the UAE,” he shared.