International trade and logistics business to benefit from the INSTC, says Indian commerce secretary
Sep 26, 2018: At an ongoing conference on International North South Transport Corridor (INSTC) on September 25, Dr. Anup Wadhawan, Commerce Secretary, Government of India, highlighted how the INSTC will help to boost international trade and logistics business.
He said that there would be tremendous boost to exim trade between India and West Asia and European countries using INSTC route in the days to come.
FFFAI jointly with Ministry of Commerce & Industry organised the conference, which coincided with FIATA WORLD CONGRESS 2018. The conference was also attended by senior bureaucratic, diplomats from Embassy of Iran, Russia, Azerbaijan and CIS countries; Stanley Lim, Past president, FIATA; Samir Shah, Past chairman, FFFAI; Shankar Shinde, EC Member of FFFAI; members from EXIM fraternity & delegates from India, Russia, Iran and CIS countries.
The North-South Transport Corridor is an ancient route that connects the South Asia with North Europe for centuries. This route was used by European, Indian, Russian and many other foreign traders. These traders played a significant role in managing the trade and commerce between Russia and South East Asia through the territory of present day Azerbaijan and Iran. Currently, 14 countries are connected with INSTC route.
“We have very strong traditional connections with these 14 countries and I am sure there will be huge trade transactions soon an effective logistics set up established. Our Government is committed to make the INSTC initiative a big success,” stated Wadhwan.
Shah lauded Government of India’s efforts in this regard and highlighted various initiatives including trial run, study works, etc from FFFAI during last couple of years. He informed that FFFAI’s study highlighted various dimensions of connectivity between India, Russia and other CIS Countries. The study examined in particular the INSTC, its current status and future prospects. It provided solutions to facilitate efficient transport logistics between India and the Eurasian region.
The FFFAI study argues that so far the full potential of this corridor has not been realised and the sector is still untapped which can be further explored for opportunities by all stakeholders.
According to Shinde, INSTC Conferences in India provide huge opportunities to enlighten on streamlining documentation for seamless movement and open up many competitive optional route in CIS countries and Russia which will result in enhancing trade and open new avenues for LSP (Logistics Service providers).
Previously, FFFAI has organised similar conference in Mumbai and is planning to organise INSTC conferences in other parts of India.