Tehran, July 4 (MRUD NEWS)—The founding member states of the International North-South Transport Corridor (INSTC), including Iran, Russia, and India gather for the third time in Tehran on July 4, 2023 to discuss solutions for promoting freight transit through INSTC. 

Ali Akbar Safaei, the managing director of Iran's Ports and Maritime Organization (PMO), speaking at Islamic Republic of Iran News Network said: "Following Islamic Republic of Iran's initiatives during last year to catalyze economic growth and promote trade through interactions with the neighboring countries, there were two trilateral meetings between high-raking officials from Iran, India, and Russia in Russia and India. The third trilateral meeting is held in Tehran today. Including high-raking officials from these three countries, the ambassadors of Persian Gulf countries and countries east and south of the Caspian Sea attend the meeting". 

The main rationale for these trilateral meetings is to promote freight transit between India and Russia and other Persian Gulf and the Caspian Sea countries, Safaei said. 

Moreover, various agreements have been reached during last year through negotiations for attracting infrastructural, port and shipping investments that will lead to increase of transit, the managing director of Iran's Ports and Maritime Organization (PMO) added. 

Additionally, cost and time efficiency of freight transit due to a shorter trading route through Iran's territory is very important operationally, he further mentioned. 

Noteworthy, the first trilateral meeting of Iran, Azerbaijan, and Russia dedicated to the prospects of the International North-South Transport Corridor (INSTC) was held on September 8, 2022 in Baku in which the parties signed a trilateral statement for development of the INSTC.