Israeli Prime Minister Benjamin Netanyahu described the ambitious India-Middle East-Europe Economic Corridor (IMEC) project, announced during the G20 Summit in New Delhi, as the “largest cooperation project in our history that will change the face of the Middle East, Israel and affect the entire world. This vision starts in India, passes through the United Arab Emirates [UAE], Saudi Arabia, Jordan and Israel before reaching Europe.”US President Biden said the project would create an economic corridor between India, the Middle East and the European Union (EU). He said, We will invest in railways and shipping lines from India to Europe that will be connected through Saudi Arabia, UAE, Jordan and Israel. The US president added that the project will make it easier to trade and export, transfer clean energy and provide fast and stable internet service to countries in the Middle East. Saudi Crown Prince Mohammed bin Salman said that the kingdom will take part in the project with an investment of $20 billion and urged leaders to start the planning and implementation of the project immediately.The US-backed project dubbed as the new Spice Route has been seen by many as a counterweight to China's Belt and Road Initiative (BRI). But Ashwini Vaishnaw, Railway Minister, said that the proposed India-Middle-East-Europe Corridor is different since the Chinese project forced host countries into a debt trap but the G20 project will bring in revenue.The project will link electricity, data networks (via high-speed fibre optic cables), hydrogen pipelines, railway and port facilities across Middle East including United Arab Emirates, Saudi Arabia, Jordan and Israel –and potentially speed trade between India and Europe by up to 40 per cent.The new economic corridor was jointly announced by 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, which was based on the theme of ‘One Earth, One Family, One Future’. See this PDF to know more about the G-20 New Delhi Leaders’ Declaration