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/k3qfb2
  • http://goo.gl/WAhWWv

You can also read ...

On Sunday, the rial traded at 46,130 to the dollar, up 1.8%. 
With its foreign exchange package now in full swing, the...
Iran-Greece Trade Tops $1.5 Billion
Iran exported more than €1.26 billion worth of goods to Greece...
Telegram Raises $850m From Investors Before Planned ICO
The chat app company Telegram filed documents with the US...
Iran Decision on FATF Agenda
The Financial Action Task Force–the global anti-money...
Ban on Contraband Cellphones in Iran Reaches LG
Following the government’s belated policy of curbing cellphone...
Intel Hit With  32 Lawsuits
Intel has revealed that the company is facing at least 32...
Iran and Turkey finalized the $1.4 billion currency swap agreement.
Iran has signed memoranda of understanding and protocols...
Facebook has to delete all data it has gathered on Belgian citizens.
A Belgian court threatened Facebook (FB.O) on Friday with a...

Trending

Googleplus