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INSTC to Spurt International Trade and Logistics Business: Commerce Secretary

New Delhi:

Port Wings News Network:

There would be tremendous boost to Exim trade between India and West Asia and European countries using INSTC route in the days to come, Dr. Anup Wadhawan, Commerce Secretry, Government of India, has said.

Speaking at a conference on International North South Transport Corridor (INSTC) on 25 September in New Delhi, Anup Wadhawan said, “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.”

FFFAI jointly with Ministry of Commerce & Industry organised the conference, which coincided with FIATA WORLD CONGRESS 2018. The conference was also attended by senior bureaucrats, diplomats from Embassy of Iran, Russia, Azerbaijan and CIS countries; Mr Stanley Lim, Past President, FIATA; Mr Samir Shah, Past Chairman, FFFAI; Mr 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.

Mr 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 pointed out that meanwhile 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 explained the problem areas of this corridor and provided options for facilitating 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. Mr Shah, however, expressed high optimism about the present stage and future development of INSTC route. Focusing on the importance of regional trade initiatives Mr Lim pointed out the success story of ASEAN. “We are very much hopeful that INSTC would be encouraging for multimodal logistics industry in this region as well,” he said.

According to Mr 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 organised similar conference in Mumbai and planning to organize INSTC conferences in other parts of India.

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