At the G7 Summit attended by Prime Minister Narendra Modi, industrialized nations pledged support for the India-Middle East-Europe Economic Corridor (IMEC) as a counter to China’s Belt and Road Initiative.
After three days of talks that Prime Minister Narendra Modi attended, the industrialized nations that make up the Group of Seven (G7) pledged to support tangible infrastructure projects like the India-Middle East-Europe Economic Corridor (IMEC).
Following the traditional “family photo” at the opulent Borgo Egnazia resort, the G7 reaffirmed their commitment to a “free and open Indo-Pacific” based on the rule of law and released the communiqué on June 14.
At the request of host Prime Minister Giorgia Meloni of Italy, Prime Minister Modi attended the G7 Summit.
“We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the India-Middle East-Europe Economic Corridor, also building on the EU Global Gateway, the Great Green Wall Initiative, and the Mattei Plan for Africa launched by Italy,” reads the communique.
The IMEC is a groundbreaking plan that aims to secure integration between Asia, the Middle East, and the West by building a massive road, railroad, and shipping network between Saudi Arabia, India, the United States, and Europe.
In addition, like-minded countries view the IMEC as an attempt to counter China’s Belt and Road Initiative (BRI), which has come under fire for a lack of transparency and disrespect for national sovereignty.
China has established connections with Southeast Asia, Central Asia, Russia, and Europe through the massive Belt and Road Initiative (BRI). Ahead of India’s hosting of the G20 Summit in Delhi last year, the IMEC concept was solidified.
As world leaders gather in Italy for the annual Group of Seven (G7) summit, a surprising announcement has been made. They plan to give Ukraine an extra $50 billion by the end of the year. Italian Prime Minister Giorgia Meloni revealed that this money will come from profits of frozen Russian assets.
This is what they told you. However, what the mainstream media didn’t tell you is this.
This move is especially interesting because it coincides with a major shift in global finance. The 1974 agreement that made the US dollar the main currency for oil trading has just expired. And MBS has refused to renew this 80-year Petrodollar deal with the US. Now, Saudi Arabia has decided to sell oil in multiple currencies, like Chinese RMB, Euros, Yen, and Yuan, instead of just US dollars.
This change could reshape the world’s economic landscape, challenging the dollar’s long-held supremacy and ushering in a new financial era.
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