EU, US and partners start new trade projects

Posted On: December 7, 2023

Leading industrialized and developing countries as well as the EU took part in the G20 Summit in India. Despite differences in content, the final declaration was agreed upon.

September 9, 2023 | 01:42 min

On the sidelines of the G20 Summit in New Delhi, several countries agreed on “historic” trade projects that have potentially far-reaching geopolitical implications.

The United States, Saudi Arabia, the European Union, the United Arab Emirates and India signed an agreement on Saturday that will link data, rail and power grids as well as ports and hydrogen pipelines – and create a contemporary spice route.

At the G20 summit in India, ZDF correspondents Elmar Theveßen, Andreas Kynast, Norm Odenthal and Ulf Röller discuss the new power blocs and their interests.

September 6, 2023 | 29:42 min

When the plan was presented, US President Joe Biden called it “historic” and a “very big deal”. EU Commission President Ursula von der Leyen said the new economic corridor, which would link India, the Middle East and Europe, was “more than just ‘a train or a cable’.” It is a “green and digital bridge across continents and civilizations”.

One such project includes rail and port facilities across the Middle East – including the United Arab Emirates, Saudi Arabia, Jordan and Israel. This will connect these countries and also speed up trade between India and Europe by up to 40 percent, as transport will no longer have to pass through the Suez Canal.

Topics at the G20 Summit in New Delhi included Russia’s war against Ukraine. In their final declaration, the states condemned the violation of national boundaries.

September 9, 2023 | 01:53 min

The project is also seen as a response to China’s initiative to “New Silk Road“. According to details obtained by the AFP news agency, the economic corridor is intended, among other things, to develop infrastructure that allows the production and transport of “green hydrogen”. It will also strengthen telecommunications and data transfer via a new submarine cable connecting the region.

The project is intended to encourage growth in several key regions of the world, said Biden adviser Jake Sullivan. It would also increase integration in the Middle East – involving “some unexpected partners” in the region.

China calls for more cooperation with the EU at the G20 summit. Chinese Premier Li said this after a meeting with Commission President von der Leyen.

September 10, 2023 | 00:24 min

India must also connect with Europe in a way that not only enables “more efficient transport of goods” but also strengthens cooperation in the energy and digital fields. “We believe this project is bold and transformative,” Sullivan said. He assumed they would find imitators all over the world.

The fact that Israel is part of this initiative is interesting. Recently there have been reports regarding a possible rapprochement between Saudi Arabia and Israel. However, Biden’s adviser, Jake Sullivan, emphasized that this was not the beginning of normalizing relations between the two countries. But “it is important for Israel to be part of this vision.”