MUMBAI: Federation of Freight Forwarders’ Associations in India (FFFAI), in association with Department of Commerce, Ministry of Commerce and Industry, Govt. of India and Maritime Nation India is organising an interactive business session to popularise the International North South Transport Corridor (INSTC) Route among the potential stakeholders in an attempt to promote the strategic route. The INSTC Conference will be held on September 16, 2017 at International Exhibition Centre, Vashi, Navi Mumbai from 2:00 pm to 03:30 pm.
FFFAI is also organising Trade Facilitation Conference (TFC) on September 16, 2017 from 3:30 pm to 05:00 pm at the same venue.
There is no participation fee for Member of FFFAI but as prior registration is mandatory FFFAI requests all participants to fill up the registration form and forward to FFFAI Secretariat latest by September 9, 2017.
Earlier, FFFAI had carried a dry run study and organised three International Conferences on INSTC to popularise and promote this route which is an unexplored potential market for Exporters and Importers in India. “Looking forward we would like to seek more participation from trade and stakeholders on INSTC Route to reach RUSSIA/ CIS countries via Iran with competitive price and lesser time with the development taken place in shipping goods and infrastructure,” said Mr. Shankar Shinde, Vice Chairman, FFFAI who is spearheading the INSTC project from the Federation. He also maintained that Indian freight forwarders and logistics companies can substantially benefit from operating on INSTC Route thanks to cost competitiveness.
Remarkably, Prime Minister Shri Narendra Modi visited to Russia on June 1, just 15 days after China’s Belt and Road Initiative (BRI) Forum, which India did not participate in. It holds immense significance for the International North-South Trade Corridor (INSTC), which would connect India, Iran and Russia through Central Asia. According to the Prime Minister, 70 years of diplomatic relations between India and Russia have been marked by a high degree of convergence on various bilateral and global matters. He emphasised on the role of the private sector in enhancing trade and commercial ties between the two countries, adding that India and Russia are close to achieving the target of 30 billion US dollars worth of investment by 2025. Speaking on the theme of connectivity, the Prime Minister focused on cooperation between the two countries in the International North South Transport Corridor.
It should also be noted that three days after the BRI Forum, various stakeholders from the diplomatic, civil society, and business communities came together for an INSTC Conference at India’s Foreign Service Institute in New Delhi. At the conference, the main issues were finalisation of the INSTC Routes and the development and optimal utilisation of the Chabahar Port in Iran to complement INSTC.
Of late, Mr Shinde attended “1520 Strategic Partnership-2017”, the 12th International Business Forum held from June 6 to 8, at Sochi in Russia. The Forum also emphasised on international connectivity to enhance trade and commerce, for a close and strong bilateral relationship among partner countries.