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Business/Finance See other Business/Finance Articles Title: India, Iran, Russia push alternative to Suez Canal PressTV... The International North-South Transport Corridor is to link the Indian Ocean and Persian Gulf via Iran to Russia and North Europe. India, Iran and Russia will meet next month to discuss the operation of a 7,200 km trade and transport corridor that presents a cheaper and shorter alternative to the traditional route through the Suez Canal. The International North-South Transport Corridor (INSTC), a multimode network of sea and rail routes, will link the Indian Ocean and the Persian Gulf via Iran to Russia and North Europe. The project comes in the backdrop of China’s multi-trillion-dollar One Belt One Road initiative. Within Iran, the two routes overlap in a potential boon to future businesses. PressTV-China’s Silk Road fires up Iran’s rail revolution A Wednesday report said Sinomach had signed a contract worth 5.35 billion yuan to build a train line in western Iran. New Delhi has been actively courting Tehran, given the utmost importance it attaches to the route and Iran has been receptive. Once operational, the corridor will allow India to send its goods to Bandar Abbas in Iran by sea, from where they will be transported to Iran’s Bandar Anzali on the Caspian Sea by road. Next, they will be shipped to Astrakhan in Russia and transported into Europe by rail. The route will cut the time and cost of delivering goods by about 30 percent to more than 40 percent. Compared with the Suez Canal, the corridor will reduce the transport time between Mumbai and Moscow to about 20 days. The estimated capacity of the corridor is 20 to 30 million tonnes of goods per year. India’s Union Commerce and Industry Minister Suresh Prabhu on Saturday met a Russian business delegation in New Delhi, where he said "all issues may be resolved in order to operationalize the (INSTC) route as early as possible." An official statement said India, Russia and Iran will hold a trilateral meeting on November 23 to make the route operational soon, Indian media reported Tuesday. "The INSTC is the shortest multimodal transportation route linking the Indian Ocean and Persian Gulf via Iran to Russia and North Europe," India’s Ministry of Commerce and Industry said in the statement. To access resource-rich Central Asia, India has to route its goods either through China, Europe or Iran. The routes through China and Europe are long, expensive and time consuming, with Iran being the most viable one. PressTV-Competing interests weigh in as Rouhani visits India While Iran seeks to use foreign investment as a buffer against fresh US pressures to revive its economy, India hopes to utilize Iran’s transit potentials to embolden its connectivity footprints. The first dry run of the INSTC was conducted in August 2014 and the second in April 2017. India is seeking to leverage the strategic Chabahar port in southeast Iran to link with the INSTC. The country has committed $500 million to Chabahar that it is building chiefly to crack open a trade and transport route to landlocked Afghanistan. Last week, senior officials from the two countries met their counterpart in Tehran to discuss a full commissioning of the port that the three countries are jointly developing. It was the first trilateral meeting of the Coordination Council of the Chabahar Agreement, coming in the face of fresh sanctions imposed by Washington on the Islamic Republic. "All sides shared the view that a full operationalization of the trilateral Chabahar initiative will promote connectivity and economic development of Afghanistan and the region," India’s External Affairs Ministry said in a statement. For landlocked Afghanistan, the corridor means opening the way to billions of dollars in trade and cutting the country’s dependence on foreigners for aid as well as stemming the illicit opium trade. Poster Comment: joscas... Glad to see SCO members and observers, working in projects together! RU should also, open bases , maybe small at Iran, and India, and giant at Afghan. To help that country , get on it's feet! RU should be part of adm, and have equal shares with all members ! Other thing is , RU sanctions. Russia should push for energy projects with V Nam. Open two big bases. One big naval, to patrol S China Sea. It could help iron issues there with China and V Nam! In this issue, invest jointly between India, Iran, Rus! If Afghan wants in own leg, it can invest or be all divided. Russia should push for all it can. And maybe help adm. And patrol. Protect. Russia can get in V Nam. See Russia have so many projects , including Arctic, that ditching E.U, Britain, U.S Canada, Japan, and all sanctioning makes sense. And then drag V Nam along, and it will make up, for losses over any sanctions. Hurt those that hurt you. [Tatarewicz] Looks like a constructive, mutually beneficial development for the countries involved; illustrates stupidity of Trump's Israel-placating sanctions. [Defender] Build it, don't just talk about it, but make it american interference proof!!! thbig58@web.de... a sustainable ecological and economic development of this region with the revival of the prehistoric viking route, in the short and long term, will have a positive impact on this (from our point of view) underdeveloped region. All nations will benefit from this new transit connection. it is estimated that the time savings of this shortcut to Scandinavia on this route is almost 3 weeks compared to the Suez Canal -Trade creates change and peace....... 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