Spice Route: A Potential Game-Changer in Global Economy and Geopolitics?

by csc04 | Nov 18, 2023 | Dashboard | 0 comments

In the middle of European crisis, a silent re-alignment of two emerging Asian giants is taking shape. This would force major changes in world politics and strategic scenarios.

For those who didn’t hear about it before, Spice route is actually the name of the historic road that was used to transport Indian spices and spices products to ME, Africa and Europe.

Similar to its rival, the Belt and Road Initiative (BRI) (aka Silk Road) led by China, the Spice Route (aka IMEC: India-Middle East-Europe Corridor) aims to establish an economic corridor connecting India to Europe via West Asia through a network of sea and rail links. One of the main objectives is to bring economic benefits, prosperity and growth to countries along this route. Aligned with the ambitious economic corridor goals announced at the G20 in September 2023, this initiative seeks to contribute to the UN’s Vision 2030 by achieving Sustainable Development Goal 16.

Contrary to expectations, the same objectives were announced for the Silk Road. However, upon closer examination of each country along this corridor, it becomes evident that, rather than achieving the goal of significantly reducing violence and related death rates (Target 16.1), the region has witnessed an escalation in conflicts. Conflict-related deaths per 100,000 populations (Indicator: 16.1.2) have notably risen over the past two decades. Ongoing and new violent conflicts globally pose a significant challenge to the achievement of SDG 16, with a quarter of humanity residing in conflict-affected areas.

Again, historically the data proves that instead of promoting sustainable development, there has been a concerning trend of increased military expenditures among the involved nations:

As showing in the historical data, China has increased its military expenditure the most after 2006, followed by Russia, India and Saudi Arabia
Saudi Arabia & Iran has the highest military expenditure as % of general government expenditures
Saudi Arabia & Iran, India and China has very high military expenditure as % of GDP in 2022

Having the impact of silk road in the back of our mind, do you think that the spice route will help the involved countries in achieving the desired sustainable development?

While aspiring for a peaceful corridor, the memory of the Beirut port blast remains fresh, prompting us to question the potential ramifications of the ambitious project announced during G20 summit. Additionally, the timing of events like the Armenia, Ukraine and lately Gaza wars raises concerns about the relation between economic initiatives and geopolitical tensions.

To meet SDG 16 by 2030, immediate action is imperative. The UN and its members, especially dominant regional and international players, must work collectively to restore trust, strengthen institutional capacities, and ensure justice for all. This collaborative effort is essential to facilitate transitions and drive sustainable development as announced at the G20 summit.

0 Comments