Israel’s declaration of war on Hamas in response to attacks on its territory may cloud New Delhi’s ambitious plans to build an India-Middle East-Europe economic corridor (IMEEC), Indian exporters and trade experts said.
The plan to develop shipping and railway links between the three regions was announced as part of the Delhi declaration of the G20 summit in India.
Fears are growing in the Indian capital that the war could drive insurance premiums and shipping costs higher as was seen on the trade routes affected by the Russia-Ukraine war last year. This assumes further significance as Israel is India’s 11th largest trade partner with bilateral trade amounting to $12 billion.
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