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The International North-South Transport Corridor (INSTC) in Central Asia has greatly boosted the volume of trade cargo between India and Russia. According to sources, the Islamic Republic of Iran Shipping Line (IRISL) has steadily increased its cargo transport contracts on the route, transporting some 114 containers and 3,000 tons of other cargo between May and July. Some of this traction can be attributed to a new currency trading mechanism that allows Indian exports/imports to be denominated in rupees.

    Established in 2000, the International North-South Transport Corridor spans 7,200km of integrated sea-rail road links between India, Russia, Iran, Europe and Central Asia, comprising a total of 13 countries.

    In addition to the logistics cost advantage, estimated at 30 percent, it takes about 25 days to transport goods between Russia and India via INSTC, compared to about 40 days via more traditional shipping links, according to those involved. FIEO, the Federation of Indian Export Organisations, notes: "Indian exporters are keen to use this route as it reduces the journey time to Central Asia by 40 per cent and costs by 30 per cent."

India and Iran have also been working through bilateral arrangements to include Iran's Chabahar port in the INSTC framework. New Delhi has a 10-year lease on the two berths at Chabahar port with an option to renew by mutual consent. Among them, a 640-meter-long dock is mainly used for container handling and the other 600-meter-long berth is used for handling multi-purpose cargo.

India line

   "Once we start exploring this freight route [INSTC] for trade, we will be able to rationalize our logistics costs in terms of money and time, helping to build an economical, faster and shorter freight transport route between the two regions," Speaking at a recent event in Mumbai, Shipping Minister Sarbananda Sonowal noted that the event was aimed at seeking industry support for the inclusion of Chabahar port in INSTC. "The idea of establishing INSTC through the vibrant Shahid-Beheshti port in Chabahar, Iran, is to connect the two markets using an intermodal logistics corridor."

     Last week, a high-level delegation from India, led by Mr. Sonowal, visited Tehran. To coincide with the visit, six mobile port cranes were installed at the port to speed up operations and a joint working group was set up to better coordinate the two sides. It was also agreed that Indian Ports Global, which handles Indian investments in Chabahar, would soon open offices in Tehran and Chabahar to facilitate trade through the ports. A government statement said: "The strategic role of Chabahar port in unlocking regional trade potential in Central, South and South-East Asia is enormous. We are constantly working to make the International North-South Transport Corridor the preferred trade route between the two regions."

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