Chinese OBOR struggles, India opens International North South Transport corridor !
In this video, we will discuss the importance of International North South Transport Corridor.
Reference -
https://en.wikipedia.org/wiki/North%E2%80%93South_Transport_Corridor
https://economictimes.indiatimes.com/news/economy/foreign-trade/instc-to-be-operationalised-mid-jan-2018-game-changer-for-indias-eurasia-policy/articleshow/61926321.cms
http://indiatoday.intoday.in/story/india-to-export-container-cargo-to-russia-via-iran-from-jan/1/1103681.html
http://www.newindianexpress.com/nation/2017/dec/05/historic-europe-india-link-trade-route-opening-could-improve-indias-economic-muscle-in-central-asia-1719319.html
https://www.ndtv.com/india-news/shipping-goods-to-central-asia-via-iran-to-be-possible-by-january-1783955
Transcript -
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More than 17 years ago, when no one even heard of Chinese mega Belt and Road initiative, Three founding members Russia, Iran and India signed the agreement for the International North South Transport Corridor project in the year 2002.
You know, 13 countries are members of this 7200 Kilometer long project.
International North South Transport Corridor is a multi mode network of ship, rail and road route moving freight from India to Russia, central Asia and Europe.
This corridor was estimated to be 30% cheaper and 40% shorter than the traditional route currently being used.
In the year 2014, In order to find out the bottlenecks, dry run for two routes of this corridor was conducted.
The results showed transport costs were reduced by $2,500 per 15 tons of cargo.
Very significantly, This year In the month of June, As 71 nation, India joined United Nations convention of international Road transport of goods. As per the rule, For India the convention will come in to force after 6 months on 15 December 2017.
Now Indian goods crossing international borders would be exempted from any duties or guarantees, with all custom checks done at the origin and destination instead of each border.
India joining this convention effectively removes all bottlenecks in the path of North and South Transport corridor, which passes through many member countries.
Please note, This important convention has been effective since year 1978, Friends Its beyond our understanding, why India chose to delay joining such critically important convention for close to 40 years. You know, India is poor , only because of very poor governance of last 70 years.
Anyways, better late than never, the dream of Atal ji is going to be fulfilled, when India will ship its first consignment to Russia from Mumbai in the mid January . This consignment will land Iranian Bandar Abbas port and move overland and reach Russia's Astrakhan region.
No wonder, Indian custom department has started receiving a large number of inquiries from garments and pharma companies for using this corridor.
This first formal consignment will be kind of one more proof of concept. You understand, corridor will obviously take few months time to function on full scale.
You might know, Iranian Bandar Abbas port handles 85% of Iran's trade and its highly congested, thus in order to fully realize the potential of North South Transport Corridor , it has to be connected with Cha bahar port.
Thankfully, phase one of Cha bahar port is now formally operational. Cha bahar port will let this corridor run on economically viable scale.
Hopefully, we will soon perform another dry run of this corridor via Cha bahar port.
Therefore, Cha bahar port should not be limited to serving Afghan market alone. It can cater to vast market of Russia, Central Asia and Europe.
GST roll out, opening of Cha bahar port and north south transport corridor will help India in becoming manufacturing hub.
Now Indian private players can no longer crib about lack of market, they need to pull up their socks and grab this opportunity, for the made in India good quality and cost effective products.
In all such trade project, time is most valuable thing, lets not waste our time anymore. lets harness the full potential of this historical trade corridor.
As per your views, who is responsible for 15 years delay in the operationalization of North South Transport corridor?
Please let us know your views in comment section below.
Please find the reference links of this video in the description box below. Thank you friends!
Tags
OBOR,One Belt One Road initiative,Belt and Road Initiative,BRI,Chabahar Port,Chabahar port inauguration,International North South Transport corridor,INSTC,North South Transport Corridor,Top facts about North South Transport Corridor,INSTC opens,North South Transport Corridor opens,opening of North South Transport Corridor,potential of North South Transport Corridor,what is North South Transport Corridor,why North South Transport Corridor is important,What is INSTC
We cover those interesting aspects, which are not covered by Indian main stream media.
so Please subscribe our channel and click on Bell icon to get new video upload notification.
Now Lets discuss about today's topic.
More than 17 years ago, when no one even heard of Chinese mega Belt and Road initiative, Three founding members Russia, Iran and India signed the agreement for the International North South Transport Corridor project in the year 2002.
You know, 13 countries are members of this 7200 Kilometer long project.
International North South Transport Corridor is a multi mode network of ship, rail and road route moving freight from India to Russia, central Asia and Europe.
This corridor was estimated to be 30% cheaper and 40% shorter than the traditional route currently being used.
In the year 2014, In order to find out the bottlenecks, dry run for two routes of this corridor was conducted.
The results showed transport costs were reduced by $2,500 per 15 tons of cargo.
Very significantly, This year In the month of June, As 71 nation, India joined United Nations convention of international Road transport of goods. As per the rule, For India the convention will come in to force after 6 months on 15 December 2017.
Now Indian goods crossing international borders would be exempted from any duties or guarantees, with all custom checks done at the origin and destination instead of each border.
India joining this convention effectively removes all bottlenecks in the path of North and South Transport corridor, which passes through many member countries.
Please note, This important convention has been effective since year 1978, Friends Its beyond our understanding, why India chose to delay joining such critically important convention for close to 40 years. You know, India is poor , only because of very poor governance of last 70 years.
Anyways, better late than never, the dream of Atal ji is going to be fulfilled, when India will ship its first consignment to Russia from Mumbai in the mid January . This consignment will land Iranian Bandar Abbas port and move overland and reach Russia's Astrakhan region.
No wonder, Indian custom department has started receiving a large number of inquiries from garments and pharma companies for using this corridor.
This first formal consignment will be kind of one more proof of concept. You understand, corridor will obviously take few months time to function on full scale.
You might know, Iranian Bandar Abbas port handles 85% of Iran's trade and its highly congested, thus in order to fully realize the potential of North South Transport Corridor , it has to be connected with Cha bahar port.
Thankfully, phase one of Cha bahar port is now formally operational. Cha bahar port will let this corridor run on economically viable scale.
Hopefully, we will soon perform another dry run of this corridor via Cha bahar port.
Therefore, Cha bahar port should not be limited to serving Afghan market alone. It can cater to vast market of Russia, Central Asia and Europe.
GST roll out, opening of Cha bahar port and north south transport corridor will help India in becoming manufacturing hub.
Now Indian private players can no longer crib about lack of market, they need to pull up their socks and grab this opportunity, for the made in India good quality and cost effective products.
In all such trade project, time is most valuable thing, lets not waste our time anymore. lets harness the full potential of this historical trade corridor.
As per your views, who is responsible for 15 years delay in the operationalization of North South Transport corridor?
Please let us know your views in comment section below.
Please find the reference links of this video in the description box below. Thank you friends!
Tags
OBOR,One Belt One Road initiative,Belt and Road Initiative,BRI,Chabahar Port,Chabahar port inauguration,International North South Transport corridor,INSTC,North South Transport Corridor,Top facts about North South Transport Corridor,INSTC opens,North South Transport Corridor opens,opening of North South Transport Corridor,potential of North South Transport Corridor,what is North South Transport Corridor,why North South Transport Corridor is important,What is INSTC
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