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Could the "Middle Corridor" provide a secure trade route bypassing the Red Sea?

2024-02-26 13:43:46Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Could the "Middle Corridor" provide a secure trade route bypassing the

The so-called "Middle Corridor", a trade route that will connect the Chinese and European markets through Central Asia and the Caucasus, was the focus of the 5th Balkan and Black Sea Forum held on Thursday 15 February.

Delegates at the conference promoted the Middle Corridor as an opportunity for a sustainable trade route amid escalating tensions in the Middle East and the war between Russia and Ukraine.

Global trade through traditional routes has been disrupted by these crises. "All crises, each in its own way, affect global trade routes.

In the end, it's about rising costs: rising transport, security and communication costs,” said Dimitrios Rallis, Deputy Secretary General of the Black Sea Economic Cooperation Secretariat.

A middle corridor, which would stretch from Kazakhstan's eastern border with China and transport goods to Europe via the Caspian Sea and the Black Sea, could halve the travel time between China's western border and Europe, according to a report by published by the World Bank in November 2023. .

Critics say the proposal has risks, including easing the differing geo-economic ambitions of Russia and China.

Disruptions to global trade continue as Iran-backed Houthi rebels continue to target merchant ships in the Red Sea with drone and missile attacks.

The waterway, which accounts for up to 12% of global trade, is vital for maintaining trade flows to Europe. The United Nations Conference on Trade and Development, known as UNCTAD, estimates that the volume of trade through the Red Sea has fallen by 42% over the past two months.

The European Union has launched a bespoke naval mission called 'Mission Aspides' to protect European-operated ships, restore freedom of navigation in the region and stimulate trade to its previous level.


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