The escalating tensions in the Red Sea region have prompted India and the United Arab Emirates (UAE) to initiate work on the India-Middle East-Europe Economic Corridor (IMEC), according to India’s ambassador to the UAE, Sunjay Sudhir. The volatile situation, including attacks by Houthi militants in the Red Sea, underscores the need for an alternate trade corridor for shipping goods from India to Europe. The IMEC project aims to provide an alternative route as almost all of India's trade with Europe currently passes through the Red Sea. During Prime Minister Narendra Modi’s visit to the UAE in February, a framework agreement was signed, and talks have commenced between India's government ministries and Abu Dhabi’s port. The collaboration is seen as crucial for establishing an alternate supply route.

SOURCE:HELLENIC SHIPPING NEWS