Jaishankar Stresses De-Risking amidst West Asia Conflict: IMEC as Global Connectivity Cornerstone

External Affairs Minister S Jaishankar emphasized the need for de-risking following disruptions in shipping routes due to the conflict in West Asia. Speaking at the India-Mediterranean business conclave, he highlighted the India-Middle East-Europe Economic Corridor's (IMEC) potential to bolster global connectivity, trade, and stability amidst geopolitical uncertainties.

External Affairs Minister S Jaishankar highlighted the urgent need for de-risking in response to disruptions in crucial shipping routes caused by the ongoing conflict in West Asia. Addressing the India-Mediterranean business conclave, Jaishankar underscored the India-Middle East-Europe Economic Corridor's (IMEC) role in enhancing global connectivity.

Jaishankar noted that the conflict has not only increased shipping costs but also necessitated the rerouting of trade flows, emphasizing that this only strengthens the case for de-risking. He mentioned that as India, Europe, and the Middle East ramp up their interactions, the need for connectivity will grow, not diminish.

Touching upon the IMEC project announced at the G20 summit, Jaishankar said it holds promising new perspectives, aiming to become a cornerstone of global connectivity. He stressed the importance of integrating innovative logistics and sustainable practices, which could significantly contribute to both economic growth and resilience. Jaishankar also underpinned the importance of security and stability and called for stronger defence and security cooperation with Mediterranean nations.

(With inputs from agencies.)