India, US, Saudi Arabia, EU announce mega infrastructure deal to rival China’s BRI. why it is important?

NEW DELHI: India, Us ,Saudi Arabia and the European Union on saturday announced a multinational rail and ports deal on the sidelines of the G20 summit with an am to counter China’s ambitious Belt and Road Initiatative (BRI).

The mega joint infrastructure deal which has been in the works for while is a major highlihght of the ongoing G20 meeting in Delhi.

The deal was announced by Prime Minister Modi with US President Joe Biden, Saudi crown prince Mohammed bin Salman and leaders of EU.

Today we all have reached an important and histroric paternship. In times to come, it will become effective medium for economic integration of India, Middle East and Europe ,”PM Modi said at the launch of the new corridor.

Biden said that the pact symbolises the G20 theme of “One earth, One family, One future”.

“This is a big deal”‘ the US President remarked. “this is a really big deal.”