The new itinerary from India to Russia, passing through Iran and Azerbaijan, constitutes the shortest connectivity between both nations, reducing its logistics costs and transport time.
The route facilitated a greater volume of trade between New Delhi and Moscow through Iran in the last three months, reflected the newspaper The Economic Times.
The network of 7,200 kilometers of highways, maritime routes and railways reduces the cost of transport between the two nations by 30 percent, according to experts.
Currently, most of the goods moving through Iran this way are shipments between Russia and India, the source added.
The Islamic Republic of Iran shipping line group, known by its trade name Irisl Group (Iran Shipping Lines) has allocated 300 vessels to transport goods through this corridor.
Both India and Russia advocate optimal use of this route to increase bilateral trade, as well as exchanges between New Delhi and Eurasia.
Apart from the expansion of trade, this path will contribute to further infrastructure development, including the creation of new border control posts, cargo consolidation terminals and closer interaction between customs and other regulators of the different states interested in the corridor.
Speaking at the 6th Caspian Sea Summit in July, Russian President Vladimir Putin described the International North-South Corridor as a “transport artery from St. Petersburg to the ports of Iran and India.”
Also, the new road aims to connect the countries of the Caspian Sea region, including Kazakhstan.
Transporting goods between Russia and India through the corridor takes less than 25 days, compared to nearly 40 days on traditional routes, and is seen as a viable option for Indo-Russian trade amid growing geopolitical challenges.
In the long term, it will be an alternative to the Suez Canal and the Mediterranean Sea and the Bosphorus Strait, as well as China’s Belt and Road Initiative in the region.
The International North-South Corridor links the Indian Ocean with the Caspian Sea through the Persian Gulf to Russia and Northern Europe, and there are also plans to link it to the northern route through the Russian Arctic for freight transport.
The foundations of the important road were laid in September 2000 under an intergovernmental agreement between Russia, Iran and India, which was further ratified by 10 other countries, namely Azerbaijan, Belarus, Bulgaria, Armenia, Kazakhstan, Kyrgyzstan, Oman, Tajikistan, Turkey and Ukraine.
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India and Russia increase trade through North-South International Corridor
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