The Economic Times of India revealed in a report on 28 November that Russia and Iran have agreed to increase the volume of cargo transit along the International North-South Transport Corridor (INSTC) to 12 million tons.
The agreement was inked during a recent visit by the head of the Iranian Railway infrastructure, Miad Salehi, who met with his counterpart in Moscow while on a two-day visit.
“With the targeting of 12 million tons of transit in today’s agreement with the head of Russian Railways, a new page is opened in Iran’s international rail relations,” Salehi was quoted by Iranian state media as saying.
The agreement aims to accommodate the increase in trade volumes between Moscow and New Delhi – through Iran – in a cost-effective and robust trade corridor.