Iran, Armenia Emphasize Completing Construction of INSTC
TEHRAN (Tasnim) – Iran’s minister of roads and urban development, in a meeting with the Armenian minister of economy in Yerevan on Monday stressed the need for the completion of construction operation of the International North-South Transport Corridor (INSTC) to boost bilateral trade.
Mehrdad Bazrpash called on Armenian Minister of Economy Vahan Kerobyan to grant the guarantee letter and facilities to Iranian companies for implementing the related projects and welcomed the launch of the financial fund to support the projects.
Giant steps have been taken to complete the construction operation and increase the volume of transit in the INSTC from Romania to India, Bazrpash noted, calling on the Armenian side to take practical steps in this regard.
The Armenian minister of economy, for his part, termed the India-Iran-Armenia transport corridor “important” and said that the conclusion of a contract for the completion of the construction operation of the INSTC in Armenia with two Iranian companies is a giant step taken in enhancing bilateral ties.
Kerobyan emphasized the removal of transit tariffs between the two countries and added that the removal of tariffs would help increase the volume of bilateral trade exchanges.
Implementation of the electronic exchange of data in transit between countries will prevent stoppage of trucks and fast and economical transit, he underlined.
Completion and activation of the INSTC can open great opportunities for countries, he said, adding that exporting Iranian products to the Eurasian Economic Union (EAEU)’s member states would be among the advantages of the launch of the corridor.
