(MENAFN- AzerNews) By Kamila Aliyeva
India has joined theAshgabatagreement which envisages creation of an international transport and transit corridor set to facilitate trade relationsbetween Central Asia and the Persian Gulf regions.
'Turkmenistan, as depository State of Ashgabat Agreement, informed India on February 1 that all the four founding members have consented to the Accession of India and that India's accession to the Agreement will enter into force on 3 February 2018,the Indian Foreign Ministry said in a message.
Ashgabat Agreement envisages facilitation of transit and transportation of goods between Central Asia and the Persian Gulf.
Accession to the Agreement would diversify India's connectivity options with Central Asia and have a positive influence on India's trade and commercial ties with the region, according to the ministry.
Upon receipt of approval of the Union Cabinet for India's accession to the Ashgabat Agreement, India had deposited the Instrument of Accession with Turkmenistan in April 2016.
Turkmenistan, Iran, Oman and Uzbekistan signed the agreement on April 25, 2011. In October 2016, Pakistan had formally joined the project. Kazakhstan is also a part to this agreement.
This agreement will make it possible to enhance connectivity withinEurasian regionand synchronize it with other transport corridors within that region including the InternationalNorthSouth Transport Corridor(INSTC).
The International North-South Transport Corridor, a 7,200 kilometer-long freight route connecting India, Iran, Azerbaijan and Russia via ship, rail and road, is meant to connect Northern Europe with Southeast Asia.The main objective of the INSTC is to provide an alternative to the traditional routes carried out by sea through the Suez Canal and the Mediterranean and the Baltic Sea.
MENAFN0202201801950000ID1096421316
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.