India joins Ashgabat agreement, mulls for an International Transport and Transit Corridor linking Central Asia with the Persian Gulf

Posted by Daily Shipping Times on 05-02-2018        Tweet

NEW DELHI: India has joined the Ashgabat agreement, which envisages setting up of an international transport and transit corridor linking Central Asia with the Persian Gulf to significantly ramp up trade and investment.

“Turkmenistan, as depository State of Ashgabat Agreement, informed India that all the four founding members have consented to the accession of India (to the agreement),” the Ministry of External Affairs said.

Besides Turkmenistan, the other founding members of the agreement are Iran, Oman and Uzbekistan and these countries had signed the pact on April 25, 2011.

“Accession to the Agreement would diversify India’s connectivity options with Central Asia and have a positive influence on India’s trade and commercial ties with the region,” the Ministry said in a statement.

It said India’s accession to the agreement will come into force on 3rd Feb. After approval of the Cabinet, India had deposited the instrument of accession with Turkmenistan in April 2016.