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North-South Corridor best way to develop Russia-Iran ties

Economic | Date : 12-Nov-2022 | visits :513
Given the current situation, the best way to develop connections between Russia and Iran can be the set-up of the International North-South Transport Corridor (INSTC), an Iranian official said.

Managing Director of the Chabahar Free Trade-Industrial Zone Amir Moghaddam made the remarks in a meeting with Director of Russia's Astrakhan Special Economic Zone Sergei Miloshkin and Deputy of the State Duma Oleg Savchenko on Saturday night.

Moghaddam said that the next year can be the year of economic boom for the transport corridor because both governments are determined to develop the corridor.

Iran imported some commodities from India and then transported them towards Russia on a trial basis, he said, adding that the Iranian side backs the formation of a committee to reform laws, facilitate relations, and speed up the transit pace.

The Saturday meeting indicates that both countries are ready and serious to pursue the goal of developing the INSTC within a year, so the Chabahar Free Trade-Industrial Zone will ask Tehran to coordinate in this respect and help make operational the corridor.

The managing director also described Russia as a successful trade partner of Iran, noting that the Iranian side is prepared to expand cooperation.

The director of the Astrakhan Special Economic Zone said that the government of Russia is ready to facilitate the plan and change regulations, noting that restrictions should be discussed and resolved.

Underlining that the Russians will rely on joint decisions, he said that ministries of economy or possibly heads of state should support the program in order to remove obstacles.

Presently. the objective of the union is to develop the International North-South Transport Corridor and technology transfer, which may improve in the future, he said.

Miloshkin went on to say that two free zones in India may join the union, adding that the union is being created between two Russian free zones in Moscow and Astrakhan and then it will be registered as an international organization.

Prior to the mentioned phase, the Russian side will coordinate documents with the Iranian party and then they will form a union or council in two free zones of Anzali and Chabahar, he said, adding that the four free zones will kick off the joint venture based on equal rights.

A place for coordination will be set up and the managers will constantly interact and send reports to their governments, he noted, saying that some posts will be established, which will act as operators of the INSTC.