Goyal Calls China’s Belt and Road a Political Tool, Promotes India’s IMEC as Fair Alternative

India's India-Middle East-Europe Economic Corridor (IMEC) has been unfavorably contrasted by Commerce Minister Piyush Goyal with China's Belt and Road Initiative (BRI), which he called a "political tool to dominate parts of the world." Speaking at the IMEC Conclave 2025, Goyal emphasized that IMEC honors sovereignty, avoids debt traps, and is growth inclusive through public-private partnerships and green finance.

 

IMEC, deliberated upon by the 2023 G20 Summit, aims to link Asia, the Middle East, and Europe via roads, rail tracks, and sea lanes, reducing logistics by 30% and transit by 40%. IMEC Bonds and regulation convergence among member nations, such as Saudi Arabia and the UAE, were highlighted by Goyal.

 

The remarks come amid India’s refusal to relax FDI rules for China, reinforcing its strategic pivot to alliances countering BRI’s perceived coercive economics.

 

Source: Firstpost, Economic Times, Times Now