Minister of Trade of the Eurasian Economic Union (EAEU) Andrey Slepnev has said that the union has had positive talks with Arab states so as to convince them to join the International North-South Transit Corridor (INSTC).
He made the remarks at the Exhibition Made in Russia 2023 in Moscow on Thursday.
Urging the significance of the INSTC corridor, the official said that there are some logistical problems hindering the project.
The corridor, which facilitates transit of goods from India to Russia’s Saint Petersburg, will save 40% in time and 30% in transportation costs when compared to the standard route which runs through the Suez Canal.
Earlier, UAE Minister of State for Foreign Trade Thani Ahmed Al Zeyoudi said that his country sought to make investments in the INSTC corridor.
He stressed that the corridor is a considerable route which can be used for transfer of goods to Africa.
The Emirati minister said he expected more than 100 world countries to be participating in this project by 2030.
Al Zeyoudi noted that the corridor will join the UAE not only to Russia but also to central European countries and Asia.