Iran-Russia mulls forming shipping firm that could complement INSTC

NEWDELHI:IranandRussiaare mulling to form a shipping firm that could complement INSTC that connectsIndiawithRussiaviaIran.

Iran’s Ambassador to Russia Kazem Jalali recently stated that authoritiesinTehranandMoscoware exploring the formation of a cooperative shipping firm as part of efforts to strengthen strategic cooperation.

“There is a need to reinforce our ports; there is a need to strengthen theshippingfleet.

Even to create a joint shipping company. I just had a conversation with First Deputy Prime Minister of Russia Andrey Belousov.

Iran’s Minister of Transport also discussed this topic with him. Our Russian counterparts welcomed the creation of a joint shipping company,” theIraniandiplomatstressed.

He stated that “countries need to develop ports and link them like railroads. The potential for freight shippingishugethere.”

Moscow and Tehran are collaborating on a number of fronts to promote bilateral commerce, hasten development of transport links including the International NorthSouth Transit Corridor and its Caspian Sea component, and integrate their banking systems to make it easier to conduct financial operations. Recently, Iran-IndiaRussia held a high level meeting on smoothimplementationofINSTC.

The move comes as Iran and Russia prepare to conclude a longterm strategic cooperation deal, which will open up several new areas forcollaboration.

Trade exchanges between the two nations quadrupled in 2022. Russia became Iran’s biggest foreign investor during the Iranian calendar year that ended in March with investmentstotaling$2.76billion.

IranandIndiaarealsofocusingon fulloptimizationoftheChabaharPort that would also boost connectivity to CentralAsia.