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This G20 plan was also approved at the G7 Summit, so it is beneficial for India.

Sagar Patel

By Sagar Patel

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World leader Prime Minister Narendra Modi (centre) at the G7 summit Image Credit Source: PTI

In September last year, when India chaired the G20 summit, its greatest achievement was approving the proposal for the African Union to be part of the G20. Apart from this, by helping countries like Russia and China, India also managed to achieve unanimous agreement on the G20 summit proposals. But in the meantime, India presented a proposal of this type, which was going to help it a lot in world trade. Now this proposal has once again had the support of the G7 countries based in Italy.

Prime Minister Narendra Modi attended the G7 summit held in Italy after assuming the helm of power for the third time. India was invited to this summit as an extension nation. Prime Minister Narendra Modi also addressed the ‘Outreach Summit’ here.

G7 approved the IMEC of the G20

During the G20 summit, India proposed a global economic corridor. In a way, this is an effort to revive the ancient “masala route” of India. The G7 countries have expressed their commitment towards the ‘India-Middle East-Europe Economic Corridor’ (IMEC) approved at the G20.

In a statement issued at the end of the G7 summit, the group of the world’s 7 major industrialized countries committed to further promote infrastructure proposals like those of IMEC. Not only this, in this statement the G7 has also reiterated its commitment to a free and open Indo-Pacific region based on the rule of law.

The statement said that G7 countries will cooperate on qualitative infrastructure for development. Under this, many projects such as the Lobito Corridor, Luzon Corridor, Middle Corridor and India-West Asia-Europe Economic Corridor will be promoted.

This is beneficial for India.

The India-West Asia-Europe Economic Corridor (IMEC) will develop a massive system of roads, railways and shipping connecting India’s western coast with Saudi Arabia, Europe and the United States. This will give India an edge in global trade. It is becoming a strategic option against China’s “Belt and Road Initiative” (BRI).

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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