Indian delegation holds talks with key entities in UAE on IME Economic Corridor
Dubai (PTI): An inter-ministerial Indian delegation on the framework agreement on the India-Middle East-Europe Economic Corridor (IMEEC) has visited the UAE for the first time to hold discussions with the key entities there on cooperation for the empowerment and operation of the strategically vital project.
The visit, which took place within three months of signing the Agreement, reflects the importance both governments attach to the IMEEC project, a press statement by the Embassy of India, Abu Dhabi said.
The Corridor will provide effective alternate supply routes generating efficiencies and reducing costs. Both sides agreed to continue discussions for early implementation of the Agreement, it said.
"India Middle East Europe Corridor (IMEEC) takes shape with the 1st visit of an Indian Inter-Ministerial Delegation to the UAE for the India-UAE Intergovernmental Framework Agreement on IMEEC. Amb @sunjaysudhir led the discussions with key UAE entities like @DPWorldUAE, @ADPortsGroup @CUSTOMSUAE," the Indian mission posted on X.
The IMEEC will comprise two separate corridors, the east corridor connecting India to the Gulf and the northern corridor connecting the Gulf to Europe.
The corridor will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime routes. It intends to increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, generate jobs and lower greenhouse gas emissions, resulting in a transformative integration of Asia, Europe and the Middle East (West Asia).
The IMEC corridor, which aims at integration of Asia, Europe and the Middle East involves multiple stakeholders and is at an incipient stage, the Ministry of External Affairs said in February this year.
The visit by the Indian delegation to hold meetings under the Framework Agreement between India and the United Arab Emirates (UAE) concerning cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor (IMEEC) to the UAE took place from May 15 to 17, the statement said.
The Framework Agreement was signed between India and the UAE on February 13 in the presence of Prime Minister Narendra Modi and President of the UAE Mohammed bin Zayed Al Nahyan in Abu Dhabi.
The Agreement provides for cooperation towards developing the IMEEC and exploring potential joint investment and technical collaboration towards this objective.
The Indian delegation comprised senior officials from the Ministry of Shipping, Ports & Waterways, Ministry of Commerce and Industry, Central Board of Excise and Customs and Deendayal Upadhyay Port, Kandla. They visited Khalifa Port, Fujairah Port and Jebel Ali Port where they held detailed discussions with the respective Port authorities for facilitating the movement of goods between India and the UAE and beyond.
They also held meetings with UAE Customs Authorities.
India Middle East Europe Corridor (IMEEC) takes shape with the 1st visit of 🇮🇳n Inter-Ministerial Delegation to 🇦🇪 for 🇮🇳 🇦🇪 Intergovernmental Framework Agreement on IMEEC. Amb @sunjaysudhir led the discussions with key UAE entities like @DPWorldUAE @ADPortsGroup @CUSTOMSUAE. pic.twitter.com/njEjrQHdbS
— India in UAE (@IndembAbuDhabi) May 17, 2024
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Los Angeles county wildfires could be costliest in US history, early estimates say
Los Angeles, Jan 11: The wildfires that erupted this week across Los Angeles County are still raging, but already are projected to be among the costliest natural disasters in US history.
The devastating blazes have killed at least 11 people and incinerated more than 12,000 structures since Tuesday, laying waste to entire neighbourhoods once home to multimillion-dollar properties.
While it's still too early for an accurate tally of the financial toll, the losses so far likely make the wildfires the costliest ever in the US, according to various estimates.
A preliminary estimate by AccuWeather put the damage and economic losses so far between USD 135 billion and USD 150 billion. By comparison, AccuWeather estimated the damage and economic losses caused by Hurricane Helene, which tore across six southeastern states last fall, at USD 225 billion to USD 250 billion.
“This will be the costliest wildfire in California modern history and also very likely the costliest wildfire in US modern history, because of the fires occurring in the densely populated areas around Los Angeles with some of the highest-valued real estate in the country,” said Jonathan Porter, the private firm's chief meteorologist.
AccuWeather factors in a multitude of variables in its estimates, including damage to homes, businesses, infrastructure and vehicles, as well as immediate and long-term health care costs, lost wages and supply chain interruptions.
The insurance broker Aon PLC also said Friday that the LA County wildfires will likely end up being the costliest in US history, although it did not issue an estimate. Aon ranks a wildfire known as the Camp Fire in Paradise, California, in 2018 as the costliest in US history up to now at USD 12.5 billion, adjusted for inflation. The Camp Fire killed 85 people and destroyed about 11,000 homes.
The LA County wildfires, which were fuelled by hurricane-force Santa Ana winds and an extreme drought, remained largely uncontained Saturday. That means the final tally of losses from the blazes is likely to increase, perhaps substantially.
“To put this into perspective, the total damage and economic loss from this wildfire disaster could reach nearly 4 per cent of the annual GDP of the state of California,” AccuWeather's Porter said.
In a report Friday, Moody's also concluded that the wildfires would prove to be the costliest in US history, specifically because they have ripped through densely populated areas with higher-end properties.
While the state is no stranger to major wildfires, they have generally been concentrated in inland areas that are not densely populated. That's led to less destruction per acre, and in damage to less expensive homes, Moody's noted.
That's far from the case this time, with one of the largest conflagrations destroying thousands of properties across the Pacific Palisades and Malibu, home to many Hollywood stars and executives with multimillion-dollar properties. Already, numerous celebrities have lost homes to the fires.
“The scale and intensity of the blazes, combined with their geographic footprint, suggest a staggering price tag, both in terms of the human cost and the economic toll,” Moody's analysts wrote. The report did not include a preliminary cost estimate of the wildfire damage.
It could be several months before a concrete tally of the financial losses from the wildfires will be possible.
“We're in the very early stages of this disaster,” Porter said.
