About International North-South Transport Corridor (INSTC)

• INSTC is a land-and sea-based 7,200-km long network comprising rail, road and water routes that are aimed at reducing costs and travel time for freight transport in a bid to boost trade between Russia, Iran, Central Asia, India and Europe.
• It is a joint initiative taken by India, Russia and Iran.
• The ‘Inter-Governmental Agreement on International “North-South” Transport Corridor’ was signed by the three countries in St. Petersburg, Russia, in 2000.
• Since then, 11 more nations have joined the project: Armenia, Azerbaijan, Belarus, Bulgaria (observer status), Kazakhstan, Kyrgyzstan, Oman, Syria, Tajikistan, Turkey, and Ukraine.

Why in News?

• The Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal said that the Indian government envisions making Chabahar Port in Iran a transit hub under the International North-South Transport Corridor (INSTC) to reach out to Commonwealth Independent States countries.

Reference:

1. https://newsonair.gov.in/News?title=Chahabar-Day-conference-begins-in-Mumbai&id=445204