India, Russia & Iran unveil 7,200-km INSTC corridor
In a significant move to enhance trade link and connectivity, India, Russia, and Iran are contemplating a large joint venture project aimed at launching a new cargo transport corridor that could become a cheaper and shorter alternative to the Suez Canal. The new shipment passage, International North-South Transport Corridor (INSTC), is set to connect the Indian Ocean to the Persian Gulf through Iran to Russia and Europe. The 7,200-km long corridor will combine sea and rail routes and it will make it possible to deliver cargoes from India to the Iranian port of Bandar Abbas. Then, the goods will be transported by land to Bandar Anzali, Irans port on the Caspian Sea and after that, they will be shipped to the Russian port of Astrakhan from where they will move to Europe by rail. Indian Ambassador to Russia DB Vekatesh Varma had recently visited the Astrakhan region to personally oversee the preparations being made by the Russian authorities to develop the port there for operationalizing the INSTC project. The estimated capacity of the corridor is 20 to 30 million tons of goods per year and it would reduce time and cost by 30 to 40%, official sources said.
📅Published on:
08 December 2018
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