The G20 has announced a plan to develop a rail and shipping corridor connecting India, the Middle East, and the European Union in a new initiative to foster ties between nations.

The initiative was announced at the G20 summit in New Delhi with leaders such as Indian Prime Minister Narendra Modi, European Commission president Ursula von der Leyen, and US President Joe Biden participating in unveiling the mammoth plan.

A timeline for completion was not provided in the announcement.

The rail and shipping network would physically tie together a vast stretch of the globe and would improve digital connectivity among countries.

The new corridor would also boost economic growth, bolster trade, allow the improved dissemination of energy products like hydrogen, and will link nations who do not currently have diplomatic ties to each other; specifically Israel and Saudi Arabia.

Mr Biden’s national security adviser, Jake Sullivan, said the enhanced infrastructure will help bring countries in the Middle East together.

Mr Sullivan added the new trade corridor will help establish the region as a hub for economic activity instead of as a “source of challenge, conflict or crisis”.

Israel Prime Minister Benjamin Netanyahu released a video statement calling the rail and shipping project a “breakthrough” that would transform the region.

Mr Netanyahu said: “It’s a day of good news for all citizens of Israel, good news that leads us to a new era of regional integration and cooperation.”

In the next 60 days, working groups will create a fuller plan and set timelines, world leaders revealed in the announcement.

The first phase will involve identifying the areas that need investment and where physical infrastructure can be connected between countries.

Plans will be then implemented throughout the next year to see the project move into the next phase, namely setting up finances and construction.