Announcement

Collapse
No announcement yet.

TEHRAN: North-South Corridor provides cheaper transit route: India

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • TEHRAN: North-South Corridor provides cheaper transit route: India

    North-South Corridor provides cheaper transit route:India

    IRNA, Iran
    Sept 16 2004

    New Delhi, Sept 16, IRNA -- The North-South Corridor Agreement
    provides a faster and cheaper transit route for trade to Iran, Russian
    Federation and beyond, which will make country`s exports competitive,
    says a release of Indian Ministry of Commerce and Industry Thursday.
    The agreement was signed between India, Iran and Russian Federation
    to facilitate movement of goods via the Caspian Sea and Astrakhan
    to Russia and adjoining countries of the CIS region. In order to
    enhance trade with CIS (Commonwealth of Independent States) region,
    Indian government has undertaken many trade facilitation steps and
    trade promotion measures. These include government lines of credit,
    inter-banking relations, double taxation avoidance agreement, bilateral
    investment protection agreement and strengthening of institutional
    mechanisms like joint commission meetings, joint business councils
    and trade missions.

    Considering the potential that this region offers, the government had
    launched focus on the CIS program in 2003 to enhance India`s trade
    with this region, it said.

    India`s exports to the CIS region, including Russia, have grown from
    US$919 million in the year 2002-03 to US$1.020 billion in the year
    2003-04, registering a growth of 11 percent.

    Under the India Development Initiative, the Department of
    Economic Affairs has issued new guidelines for government lines
    of credit. Recipient countries have been put under four different
    classifications. In the revised policy guidelines the State Bank of
    India, Bank of Baroda and Indian Overseas Bank are also being used in
    addition to EXIM Bank for channeling the LOCs to other governments.
    To promote and facilitate trade, DTAA has already been signed with
    Russian Federation, Ukraine, Kyrgyzstan, Turkmenistan, Kazakhstan,
    Uzbekistan, Armenia and Belarus.

    Negotiations are on for signing the same with Azerbaijan. Steps will
    be taken for initiating negotiations with rest of the CIS countries,
    including Moldova, Georgia and Tajikistan. The government has signed
    BIPA with Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Tajikistan,
    Russian Federation, Ukraine, Armenia and Belarus.

    The government has allowed exports of Indian goods on consignment
    basis under the debt repayment route to the Russian Federation. ECGC
    has upgraded credit ratings of a number of countries in the CIS region
    as well as liberalized its under writing policy to these countries
    which will help in promoting exports to this region.

    2160/2323/1416
Working...
X