Corporate News
‘A real big deal’: Biden backs economic corridor as shifting geopolitical alliances fragment the global economy

Even for those accustomed to the ebbs and flows of the U.S.-Saudi Arabia relationship, the sight of President Joe Biden extending a handshake to Saudi Crown Prince Mohammad bin Salman at the recent G20 leaders’ summit in New Delhi was quite the turnaround. After all, Biden had warned last October of “consequences” after the Saudi-led oil cartel OPEC decided to cut crude production and boost prices amid Russia’s war in Ukraine. Roughly a year on, Saudi Arabia is not only one of six new invitees to the China-dominated BRICS coalition, but also a signatory to the Biden-led pact for a ship-to-rail economic corridor linking India with Middle Eastern and European Union countries unveiled on the sidelines of the G20 summit — framed as a counter to China’s decade-old Belt and Road Initiative.

News Source:- https://www.cnbc.com/2023/09/18/biden-backs-economic-corridor-as-geopolitical-alliances-fragment-globe.html