Explainer: Will The New India-Europe Corridor Affect Egypt’s Suez Canal?

At the G20 conference — the premier forum for international economic cooperation —  U.S. President Joe Biden declared that Israel, France, Germany, Italy, the United States, Saudi Arabia, and the United Arab Emirates (UAE) will establish the “India-Middle East-Europe Corridor” (IMEC): a multimode transit corridor spanning over 3,000 miles. Israel, which has prioritized improving ties with the Gulf countries over the past three years, praised the initiative, claiming that it “changes our global and historical situation” and advances the goal of “joining Israel to the world.” In fact, the initiative was welcomed by Prime Minister Benjamin Netanyahu as “the greatest cooperation project in [Israel’s] history.” In his description of the ambitious system, Netanyahu described Israel as its essential hub: “Our country Israel will be a central junction in this economic corridor, our railways and our ports will open a new gateway from India through the Middle East to Europe, and back.” Tzachi Hanegbi, Netanyahu’s national security adviser, referred to the proposal as “the most meaningful evidence” that normalization between Saudi Arabia and Israel was moving from being “a shot in the dark” to a viable option with attainable objectives. Since…

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