Turkey, Iraq, Qatar and the UAE have inked a quadrilateral memorandum of understanding to collaborate on the Development Road project that aims to connect major railroads, highways, ports and cities in Asia, Europe and the Gulf Region, according to local media reports.
Within the scope of the project, the Great Faw Port, which is currently under construction in Basra, will be connected to Turkey via highways and railroads, enabling commodities coming from Qatar and Asia to be transported to Europe.
The project, which is also named the Iraqi Silk Road, is considered to be an alternative to the Suez Canal and will apparently establish a strong and large trade corridor between the Persian Gulf, Turkey and Europe. As SteelOrbis reported previously, due to the recent attacks on the Suez Canal, shipments and trade flow have been disrupted, and as a result, delivery times have increased and freight rates have skyrocketed. Also, the Suez Canal crisis had led to a decrease in exports from non-European countries, especially from Asia, to Europe. Thus, an alternative trade route reaching Europe may boost exports to the region.