'Cannot afford to depend on single route’: EU backs IMEC to make India-Europe trade more resilient amid Hormuz crisis

The European Union has endorsed the India-Middle East-Europe Economic Corridor (IMEC) to enhance trade resilience between India and Europe, amid growing concerns over the vulnerability of global shipping routes. Apostolos Tzitzikostas, European Commissioner for Sustainable Transport and Tourism, cautioned against reliance on a single maritime route, port, or chokepoint, emphasizing that disruptions can have far-reaching consequences on factories, energy markets, supply chains, and citizens' lives.

The IMEC, announced in September 2023 during the G20 Summit, aims to diversify connectivity between India and Europe through a network of interconnected transport, energy, and distribution links. Tzitzikostas highlighted the EU's Global Gateway initiative as a potential catalyst for transforming the IMEC into sustainable and resilient infrastructure projects.

Recent disruptions have underscored the need for alternative trade routes, as conflicts, piracy, organized crime, and cyber threats can quickly impact global trade. India, one of the world's three major maritime nations and a significant source of seafarers, could play a crucial role in shaping global maritime rules and contributing to sustainable maritime fuels.

The EU sees the IMEC as an opportunity to turn climate ambitions into concrete investments and foster maritime cooperation through four pillars: sustainable shipping, resilient connectivity, maritime security, and healthy oceans.