Iran, Russia emphasize expansion of collaboration in INSTC
Date
9/23/2024 9:21:22 AM
(MENAFN) In a recent meeting between Jabar-Ali Zakeri, the new Head of the Islamic Republic of Iran Railways (RAI), and Russian Ambassador to Tehran Alexey Dedov, both sides emphasized the importance of expanding cooperation in the International North-South Transit Corridor (INSTC), as reported by a news agency. Zakeri highlighted the significant demand from India for transit through the corridor, expressing optimism about an increase in traffic along this vital trade route. The INSTC, a multimodal transport network, is designed to connect India, Iran, Russia, and other countries, facilitating faster and more efficient trade.
Last week, Iranian Finance and Economic Affairs Minister Abdolnaser Hemmati reaffirmed Iran and Russia's commitment to accelerating the implementation of the INSTC. Following discussions with Igor Levitin, an aide to the Russian president, Hemmati emphasized the mutual benefits of completing the project, which would not only enhance trade between Iran and Russia but also benefit other countries along the route, including India and the Persian Gulf nations. Hemmati stressed the urgency of inviting key stakeholders to advance the corridor’s implementation.
Despite agreements and memorandums between Iran and Russia in recent years, Hemmati pointed out that only 20 percent of these have been realized so far, urging Russia to take concrete steps to ensure full implementation. The development of the INSTC has gained additional momentum as both Iran and Russia seek to strengthen trade ties and enhance transportation infrastructure in response to Western sanctions. The corridor is seen as a strategic route to bolster economic resilience and regional cooperation.
A key component of the INSTC is the Rasht-Astara railway, which is vital for linking Iran’s Bandar-e Anzali port to Russia’s extensive railway network. This connection is expected to facilitate faster and more efficient movement of goods between Iran, Russia, and beyond, making the railways an essential factor in the corridor's development. With the completion of this railway, the INSTC will become a more robust trade route, enhancing economic ties between the countries involved.
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