Plans for an ambitious India-Middle East-Europe Economic Corridor were unveiled on Saturday with Prime Minister Narendra Modi asserting that India does not limit connectivity to regional borders and believes that it can play a key role in strengthening mutual trust.

At the launch event of the 'Partnership for Global Infrastructure and Investment' and 'India-Middle East-Europe Economic Corridor' during the G20 Summit, Modi said today "we all have reached an important and historic partnership".

He said in the times to come, it will become an effective medium for economic integration of India, the Middle East and Europe. "It will give a new direction to connectivity and sustainable development of the entire world," the prime minister said.

"It will drive sustainable development for the entire world," Modi said.

At the launch, he also said strong connectivity and infrastructure are fundamental basis for humanity and India has always laid strong emphasis on this.

"We are laying a strong foundation for a developed India. Through PGII (Partnership for Global Infrastructure and Investment), we can play a key role in filling infrastructure gap in Global South countries. India does not limit connectivity into regional borders. We believe connectivity can also play a key role in strengthening mutual trust," he said.

Modi stressed on respecting sovereignty and integrity of all nations. He also stressed on promoting financial viability rather than debt burden as well as on following all environmental guidelines.

"With such a major step on connectivity, we are sowing the seeds for future growth," he said.

US President Joe Biden said he was proud to announce that they have finalised a "historic agreement" for the new India-Middle East-Europe Economic Corridor.

"As key part of this corridor, we are investing in ships and rails, that extends from India to Europe connected by the UAE, Saudi Arabia, Jordan and Israel. It will make it far easier to trade. I want to thank sponsors and particularly Prime Minister Modi and (Saudi Crown Prince) Mohammed bin Salman," he said.

European Commission President Ursula von der Leyen hailed the agreement on the corridor, saying this is nothing but historic. "It will be the most direct connection to date between India, the Arabian Gulf and Europe with a rail link that will make trade between India and Europe 40 per cent faster," she said.

French President Emmanuel Macron said it is about having a first global green trade route as hydrogen is also part of this project.

German Chancellor Olaf Scholz said, "We have to ensure that we implement it successfully and Germany is committed to contribute in that regard." The launch of the new corridor is a milestone in strengthening global integration, Italian Prime Minister Giorgia Meloni said. She thanked Modi, Biden and all others who made it possible.

"This will scale up our economic growth. Italy is ready to play a decisive role in this initiative and we want to contribute in building bridges between the Mediterrarnian and Indo Pacific," Meloni said.

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