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Mahesh

02/08/22 23:03 PM IST

INSTC

In News
  • Recently, two 40-ft containers of wood laminate sheets from Russia’s Astrakhan port crossed the Caspian Sea and eventually reach Nhava Shiva port in Mumbai. The journey signalled the launch of the International North South Transport Corridor (INSTC).
INSTC
  • It is a 7,200-km multi-modal transport corridor that combines road, rail and maritime routes connecting Russia and India via Central Asia and Iran. The corridor is expected to consolidate the emerging Eurasian Free Trade Area.
  • The legal framework for the INSTC is provided by a trilateral agreement signed by India, Iran and Russia at the Euro-Asian Conference on Transport in 2000.
Significance 
  • Reduce freight costs by 30% and the journey time by 40% in comparison with the conventional deep-sea route via the Suez Canal
  • Complement East-West axis: INSTC can shape a north-south transport corridor that can complement the east-west axis of the China-led Belt and Road Initiative (BRI).
  • Bypass Pakistan to access Afghanistan, Central Asiaand beyond
  • Departure from non-alignment to multi-alignment: E.g., India’s working under QUAD, SCO and INSTC.
  • ‘Chabahar Day’ is observed to promote Chabahar – Ministry of Port, Shipping and Waterways (MoPSW) in association with India Ports Global observed ‘Chabahar Day’ to mark the Chabahar – Link to INSTC – Connecting Central Asian Markets.
  • India can now bypass Pakistan to access Afghanistan, central Asia and beyond, 2) A special economic zone around Chabahar will offer Indian companies the opportunity to set up a range of industries; for example, NALCO proposes to set up an aluminium smelter.
Source- Hindustan Times 

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