Azerbaijan and Iran have agreed to reduce tariffs on interstate cargo transit as part of efforts to activate the International North-South Transport Corridor, said Azerbaijan's minister of transport, communications and high technologies.
Iran and Russia are working to establish a stock market corridor for investors in the two countries to access each other's capital markets, disclosed the chairman of the Central Securities Depository of Iran (CSDI).
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).
ADY Container, a subsidiary of Azerbaijan Railways CJSC, jointly with the Swiss company Hupac Intermodal successfully completed the test transportation of containers from Europe to Iran through international South-West transport route, a source in the company said.
India, Iran and Russia have resumed talks on activating the International North South Transport Corridor (INSTC) which will cut freight time to Europe by half and bring down the cost for the benefit of east and southeast Asian exporters.
A Norway-based commentator has suggested that the international North-South Transportation Corridor (NSTC), on which Iranian and Azerbaijani sides are working hard, could help boost the Islamic Republic's tourism sector.