A declaration on the development of the International North-South Transport Corridor (INSTC) was signed following the first Iran-Azerbaijan-Russia tripartite meeting in Baku on Friday, News.Az reports.
The document was inked by Azerbaijan’s Deputy Prime Minister Shahin Mustafayev, Russia’s Deputy Prime Minister Alexandr Novak and Iran’s Minister of Road and Urban Development Rostam Qassemi.
The sides stressed the importance of creating a working group to resolve the transport and transit issues and procedures through the territories of Azerbaijan, Russia and Iran amid the development of the North-South corridor and intend to hold the first meeting within a month.
Furthermore, countries intend to prepare a draft agreement on the Rasht-Astara railway project within a month, and a document that welcomes the involvement of Iran's Chabahar port in the corridor.
During the meeting, the parties talked about the work done on the sites of the represented country. They also exchanged views on further steps and proposed further mechanisms that will contribute to accelerating the development of the International North-South Transport Corridor.
The corridor is expected to reduce transportation costs and time from Eurasia to the Persian Gulf countries and India by 30 percent.
Iran began the construction project of the Rasht-Astara railway in northern country last month which is considered as one of the final stages of completing a highly strategic International North-South Transit Corridor (INSTC).