34191
Iran Signs Multilateral INSTC MoU
Economy, Domestic Economy

Iran Signs Multilateral INSTC MoU

Iran, Azerbaijan, Georgia and Ukraine signed a memorandum of understanding on implementing the International North-South Transport Corridor project in a meeting in Azeri capital Baku on Tuesday.
The INSTC is a ship, rail and road transportation network for moving freight from India to Europe through Central Asia, Caucasus and Russia. The route primarily involves moving freight from India to Iran by ship, from Iran to Armenia and Georgia by rail and road, and with the same means of transportation from Georgia to Russia and Europe.
The MoU concerns rail, marine and road transportation tariffs in the INSTC pathway. It crosses India’s Mumbai and Iran’s Bandar Abbas ports along with the Iranian cities of Qazvin, Rasht and Astara, as well as the port of Baku in Azerbaijan and Poti and Batumi in Georgia, IRNA reported.
Earlier, Iran, Russia, India and 10 other countries held a meeting in New Delhi, approving transit and customs agreements regarding the international mega project to provide legal framework for addressing logistical issues and facilitating the smooth movement of freight through the corridor.
The current corridor for India to transport goods to Eurasia and Europe is Suez Canal.
According to Indian officials, INSTC could also serve as the route for Southeast Asian countries to send their cargo to Europe instead of the Suez Canal to cut down on both cost and time.

Short URL : http://goo.gl/cFjZmJ
  1. http://goo.gl/UhYcoU
  • http://goo.gl/WAhWWv

You can also read ...

Experts believe the import ban would lead to a further rise in smuggling and market disruption.
The government has banned the import of 1,339 commodities...
CBI, Capital Market Agree to Control  Gold Coin Bull Run
As gold coin prices are skyrocketing, the Central Bank of Iran...
$1.5b in Tax Evasion Identified From Bank Accounts
About 63 trillion rials ($1.49 billion) worth of unpaid tax...
Mohammad Javad Zarif (4th L) addressed representatives of Iran Chamber of Commerce, Industries, Mines and Agriculture on June 24. (Photo: Bahareh Taghiabadi )
Foreign Minister Mohammad Javad Zarif assured the business...
Top US Court Restricts Police on Cellphone Location Data
The US Supreme Court on Friday imposed limits on the ability...
Iran Explores Int’l Space Collaborations at UN Meeting
Officials with Iran Space Agency participated in the two-day...
Xiaomi’s Hong Kong IPO
Xiaomi, one of the world’s leading smartphone makers, is...
Steel Exports Rise Over 28%
Iranian steelmakers exported 1.62 million tons of their...

Trending

Googleplus