In a significant move to enhance trade and connectivity, India, Russia and Iran are discussing a large joint project aimed at launching a new cargo transport corridor that could become a cheaper and shorter alternative to the Suez Canal.
Russia decided to open a €3-billion credit line to finance the International North–South Transport Corridor (INSTC) which connects India to Russia via Iran, announced Iran's roads and urban development minister.
India, Russia and Iran will hold a trilateral meeting on the International North South Transport Corridor (INSTC) on November 23 to make the 7,200-km-long ship, road, and rail route operational soon, an official statement said on Monday.
An official with Indian embassy in Tehran described the International North-South Transport Corridor (INSTC) as a 'vital link' between Iran, Russia and the nations of Commonwealth of Independent States (CIS).
President of Azerbaijan Ilham Aliyev has arrived in Tehran Wednesday morning to take part in a trilateral summit with his Iranian and Russian counterparts on the International North–South Transport Corridor (INSTC) project.
The main objective on the Wednesday visit of Russia’s Putin and Azerbaijan’s Aliyev to Tehran is to follow up talks on the International North–South Transport Corridor (INSTC), Deputy Foreign Minister for Asia-Pacific Affairs, Ebrahim Rahimpour said Sunday.