G20 Summit 2023: China’s Silk Route got cut, Spice Route will be built from India to Europe, many countries came together

G20 Summit India: The G20 summit being held in India for the first time is proving to be historic in many ways. Many important announcements were made on the first day of the summit. Apart from the main programs of the summit, such an announcement was made that the concept of building a trade route from India to Europe is being considered very special. The concept of building a trade route from India to Europe that has been proposed will pass through West Asia and when ready, will prove to be a cut off from China’s Modern Silk Route.

Many major economies have come together. Strengths

This trade route has been officially named India-Middle East-Europe Economic Corridor. India and America will jointly lead it. Under this, work will be done on connectivity and infrastructure on a large scale. This trade route will connect India with Europe and pass through West Asia. Apart from India and America, UAE and Saudi Arabia from West Asia and European Union, France, Italy and Germany from Europe will also be a part of it.

In this way, the connection with history

The announcement of this trade route is very important for the whole world. This trade route is being linked to China’s ambitious Belt and Route Initiative. China’s Belt and Road Initiative is also a modern trade route, in which China and Europe are being connected. This initiative of China has been linked to the Silk Route of history. The name Silk Route actually derives from the ancient trade in silk from China to Europe across the world. Similarly, the name Spice Root is derived from the spice trade in ancient India. Spices were traded from ancient India to European countries.

This way will help in trade

Proposed India-West Asia-Europe Economic Corridor Under this, a network of connectivity of data, railways, ports, electricity networks and hydrogen pipelines will be laid. Once implemented, this corridor will not only connect the three major economic regions of the world, India, West Asia and Europe, but will also prove helpful in increasing global trade. It will also reduce the cost of trading from data to energy and other commodities.

There will be a wide-ranging impact on Asia and Europe

This trade route is historic in many ways. Its importance is not limited to trade only, rather it is going to prove to be very important in the balance of global power in the times to come. First of all, it will provide an alternative to China’s BRI. At the same time, it will integrate the fastest growing Indian economy in the world with the main markets of West Asia and Europe. Middle East countries like Israel and Jordan will also be included in this. In this way, this trade route can impact the relations between Israel and Arab countries in a new way.

Also read: What is the Global Biofuel Alliance, announced by PM Modi at the G20 summit?

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