India to accede to the Ashgabat Agreement on transit corridor
The Union Cabinet has given its approval for India to accede to the Ashgabat Agreement, an international transport and transit corridor.
The agreement facilitates transportation of goods between Central Asia and the Persian Gulf. India would become party to the Agreement upon consent of the founding members.
Accession to the Agreement would enable India to
- Utilise this existing transport and transit corridor to facilitate trade and commercial interaction and ties with the Eurasian region.
- Synchronise India’s efforts to implement the International North South Transport Corridor (INSTC) for enhanced connectivity.
- It will provide India an opportunity for reorientation of the freight traffic from the traditional sea route to land transcontinental routes.
About Ashgabat Agreement
- It is a transit agreement established in year 2011.
- It establishes international transport and transit corridor between Central Asia and the Persian Gulf countries.
- Its founding members are Uzbekistan, Iran, Turkmenistan and Oman. Kazakhstan had joined the grouping in 2015.