Global Britain was hobbled again on Saturday as the G20 saw the agreement of a major trade corridor linking Europe with India and the Middle East.
The US and EU backed a mega joint infrastructure project to establish an economic corridor connecting Europe with the Middle East and India via rail and sea in a bid to encourage economic growth and foster cooperation.
Announced during an afternoon session at the G20 leaders’ summit in Delhi, the project would help boost trade, deliver clean energy resources and improve digital connectivity.
The corridor, called the Partnership for Global Infrastructure Investment, would link India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the EU through shipping ports and rail routes.
The Indian prime minister, Narendra Modi, described the scheme as a “beacon of cooperation, innovation, and shared progress”, while US President Joe Biden described the agreement as a “really big deal”.
European Commission president, Ursula von Der Leyen, described it as “green and digital bridge across continents and civilisations”.
The corridor which would bolster existing maritime and road transport proposes the installation of undersea cables to link individual energy grids and phone lines in a bid to expand access to electricity and stable Internet.
The initiative which could boost trade between Indian and Europe by 40% presents an alternative to China’s extensive economic corridor, the Belt and Road project, which has sought to take advantage of emerging economies.
It comes as the UK continues to negotiate with several countries to draw up new agreements as part of its status as an independent trading nation.
The government announced the UK’s priorities for 2023 include progressing negotiations with India, Canada, Mexico, Israel and the Gulf Cooperation Council (GCC).
But the UK’s seeming absence as a signatory to the major trade corridor announced on Saturday has turned heads.
The initiative was launched under the UK’s presidency of the G7 summit in May to provide reliable sources of financial for funding of vital infrastructure in “low and middle income countries”.
Prime Minister Rishi Sunak confirmed at the time that the UK would “aim to mobilise $40 billion in financing” for sustainable economic development by the end of 2027.
He said: “We know the transformative power of reliable, responsible private investment. It’s the spark that is helping us to build ports in Senegal and Somaliland, hydropower projects in Rwanda and offshore wind in India.
“The UK is committed to ensuring the Partnership for Global Infrastructure and Investment delivers the financing the world needs to lift communities out of poverty.”
Users of social media platform ‘X’, formerly known as Twitter, were quick to point out the UK’s absence from the initiative. Here’s a pick of the best reactions:
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