Iran stresses with Russia expanding partnership in INSTC
Date
9/24/2024 9:45:54 AM
(MENAFN) In a recent meeting between Jabar-Ali Zakeri, the new Head of the Islamic Republic of Iran Railways (RAI), and Alexey Dedov, the Russian Ambassador to Tehran, both sides emphasized their commitment to enhancing cooperation within the International North-South Transit Corridor (INSTC). Zakeri highlighted the growing demand from India, which is expected to increase transit activity through the corridor, underscoring its importance in facilitating trade.
Zakeri proposed that rail experts from Iran and Russia convene to address existing challenges and explore investment opportunities, a suggestion that was well-received by Dedov. The ambassador also recommended that Iran organize an international summit to bring together countries participating in the INSTC initiative, reiterating the necessity of collaborative efforts to advance this significant project.
The INSTC is a vital transportation network linking India, Iran, Russia, and Central Asia, spanning approximately 7,200 kilometers (4,474 miles). It integrates rail, road, and maritime routes, beginning at the Mumbai port in India, crossing the Arabian Sea to Bandar Abbas in Iran, and then continuing overland through Iran and across the Caspian Sea to Russia. This corridor effectively connects St. Petersburg and northern European regions with the Persian Gulf and the Indian Ocean, offering an alternative trade route that enhances regional connectivity.
Development of the INSTC has been ongoing for over two decades, facing various challenges. However, recent geopolitical developments and economic motivations have reignited interest in the corridor, positioning it as a critical avenue for fostering collaboration among the involved nations. Additional countries, including Azerbaijan, Armenia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkey, Ukraine, Belarus, Oman, and Bulgaria, have also joined the initiative.
Last week, Iranian Minister of Finance and Economic Affairs Abdolnaser Hemmati reaffirmed the determination of Iran and Russia to expedite the implementation of the INSTC, further highlighting the significance of this project in strengthening bilateral ties and enhancing regional trade.
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