Tehran, Baku, Moscow reach major agreement on cargo transit

Iran, Russia, and Azerbaijan have agreed to significantly increase the volume of cargo transit that passes through their territories from the Baltic Sea and the Barents Sea to the Persian Gulf.

News ID: 2002030

Russian Deputy Prime Minister Alexey Overchuk on Monday announced that Iran, Azerbaijan and Russia are seriously seeking to launch a free logistics line between the three countries.

At a meeting held between the aforementioned three countries, held with the aim of developing cooperation in various fields, including transportation, energy, and customs cooperation, he emphasized that Russia has created a common market for basic goods and created barrier-free and free logistics, along with creating harmonized laws and standards.

Russia’s Overchuk also hailed the agreements reached during the trilateral meeting in Baku, saying that Iran, Russia, and Azerbaijan have been seeking to create a common commodity market with barrier-free logistics that could cover transit from the Barents and Baltic Seas to the Persian Gulf.

Overchuk told Russia's TASS news agency that increased transit via the INSTC would lead to more economic welfare for the people of the three countries, adding that the project would entail major benefits for producers, exporters, and importers./mehr