December 9, 2022

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Iran Says Chabahar Port Crucial for ‘Completion’ of INSTC

Iran’s Deputy Foreign Minister Ali Bagheri Kani has said that the development of Chabahar Port is important for the completion of the International North South Transit Corridor (INSTC).The INSTC is a 7,200-kilometer multimodal network of road, rail and shipping routes to facilitate trade between India and Russia through Iran, Azerbaijan and Central Asian states. The importance of INSTC in boosting regional connectivity and enhancing India-Russia bilateral trade also figured in discussions between Prime Minister Narendra Modi and President Vladimir Putin at an annual summit last December.Kani also briefed the Indian side on the progress on the negotiations on the Joint Comprehensive Plan of Action (JCPOA), or the Iran Nuclear Deal, between Tehran and Russia, US, France, China, UK and Germany.New Delhi and Tehran have been jointly developing the Shahid Beheshti terminal at Chabahar since 2016, when Prime Minister Narendra Modi earmarked $500 million for the port’s development during a visit to Tehran.India’s investment in Chabahar was exempt from Washington’s sanctions. However, many Indian companies were held back from complementing it due to fear of “secondary sanctions”. What’s more, Indian companies stopped importing crude from Iran in 2019 amid such fears, although Tehran was previously one of the biggest energy suppliers to Delhi.With the Biden administration indicating Washington’s willingness to renegotiate the JCPOA, Delhi again stepped up engagement with Tehran on developing the Chabahar Port.India has in principle backed the reinstatement of the JCPOA since the negotiations on it began last year.Original News :

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