Iran, Russia express commitment to expediting implementation of INSTC
Date
9/17/2024 8:28:17 AM
(MENAFN) Iran and Russia are committed to expediting the implementation of the International North-South Transport Corridor (INSTC), according to Iranian Minister of Finance and Economic Affairs Abdolnaser Hemmati. During a recent meeting in Tehran with Igor Levitin, an aide to the Russian president, Hemmati discussed the significant progress needed for the North-South Corridor project.
In the meeting, Russia underscored its determination to complete the INSTC, emphasizing the benefits it would bring not only to Iran and Russia but also to other Asian countries, including India and nations in the Persian Gulf. Hemmati also urged Levitin to invite the countries involved in the project to Iran to help accelerate its implementation.
Hemmati noted that while Iran and Russia have reached several agreements and memorandums in recent years, only 20 percent of these have been implemented so far. He stressed the need for Russia to take further action to ensure the agreements are fully realized.
The INSTC is a vital trade route connecting India and the Persian Gulf with Russia and Northern Europe, facilitating economic exchanges between these regions. The corridor includes seaports, roadways, and rail routes, with the Rasht-Astara railway being a key component. This railway will link Iran’s Bandar-e Anzali port with Russia’s rail network, enhancing the efficiency and speed of cargo movement between the two countries.
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