The proposed 'India-Middle East-Europe Economic Corridor' announced during the just-concluded G20 Leaders' Summit in Delhi will prove to be a game-changer project and provide huge impetus to global trade, Engineering Exports Promotion Council India (EEPC India) said on Monday.
The corridor will also make the "global supply chain more resilient", EEPC India chairman Arun Kumar Garodia said.
The project seeks to connect India with Europe via the Middle East by sea and port.
This will redefine the movement of goods and services across the continents as it will bring down logistics costs and ensure quicker delivery of shipments, Garodia said in a statement.
For India's engineering exports sector, both the Middle East and Europe are key markets, and having transport infrastructure of this scale will greatly enhance its competitiveness globally, he said.
Garodia also said the investment in the transformative project will greatly boost economic activities, create jobs, and most importantly, help reduce carbon footprint.
India along with the US and several major economies on September 9 announced the ambitious economic corridor with Prime Minister Narendra Modi emphasising on respect for the sovereignty and territorial integrity of all nations while promoting connectivity initiatives.
The new economic corridor, which many see as an alternative to China's Belt and Road Initiative, was jointly announced by the leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy and the European Union on the sidelines of the G20 summit.
EEPC India noted that the inclusion of the African Union into the G20 and the announcement of the Global Biofuel Alliance are the other two landmark developments which will positively impact trade and investment, and help chart out sustainable growth paths.
"At a time when the engineering exporting community is looking for new markets, permanent member status to the African Union on the proposal of India will create significant goodwill for Indian businesses in African countries," Garodia said.
According to EEPC, India's G20 Presidency has sought to structurally transform global policy-making, especially in the areas of trade, investment, and climate and development financing.
"India's G20 Presidency under the leadership of PM Modi has delivered spectacular results. The New Delhi Declaration, which was adopted by members, is a shining example of his decisive and action-oriented leadership," Garodia added.