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Iran And Azerbaijan Discuss International North-South Transport Corridor

Iran and Azerbaijan discuss International North-South Transport Corridor

Iran And Azerbaijan Discuss International North-South Transport CorridorSource: Port of Baku

Vienna, Austria (PortSEurope) August 13, 2019 – Azerbaijani Economy Minister and Co-chairman of the Azerbaijan-Iran State Commission for Economic, Commercial and Humanitarian Cooperation, Shahin Mustafayev, has visited Iran for talks, with one of the main topics being the development of the International North-South Transport Corridor (INSTC).

The delegation held discussions with the President Rouhani’s Chief of Staff Mahmoud Vaezi, and Iran’s minister of economic affairs and finance.

Both countries are keen to integrate regional transport networks and increase the competitiveness of INSTC as well as deepen the relations in regional terms.

An expansion of cooperation in the transport sector will strengthen the transport-transit and trade-economic potential between the two countries, by increasing the volume of cargo traffic.

The meetings also discussed the implementation of the e-TIR pilot project, which provides for the complete electronic transit operations between the countries to improve the operation of border crossing points. The system offers benefits to all players in the TIR system and brings additional security and risk management opportunities, thus reducing the risk of fraud.

The first phase of Iran-Azerbaijan e-TIR project officially started on May 22, 2019.

The International North–South Transport Corridor (INSTC) is a 7,200 km long multi-modal network of ship, rail, and road routes for transport of freight between India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia and Europe. The objective of the corridor is to increase trade connectivity between major cities such as Mumbai, Moscow, Baku, Astrakhan, Tehran, Bandar Abbas and Bandar Anzali.

The aim of the corridor is not just to increase trade between member countries, but also to standardise tariffs and customs duties.

Baku port also serves as a link to transport corridors which target European markets.

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