This was announced at the "Meeting of the third working group on the development of the INSTC." During the meeting, which was held through the ZOOM platform, representatives of the member states of the corridor exchanged views. And they noted that the accession of Uzbekistan to the INSTC is beneficial for all.
“Uzbekistan's accession to the INSTC is an important agreement for the country's economy. Ukraine, Belarus, Azerbaijan, Turkmenistan, Egypt, Iran, Turkey, India and Pakistan are members of this corridor from Europe and the CIS.
"This project will allow us to reduce logistics costs by up to 2 times. During the project, we plan to create a land port in Uzbekistan and carry out international trade and logistics transit. We hope that the project will be a unique platform for us to join the World Trade Organization, ” said Mukhtor Umarov, chairman of the Association of Exporters of Uzbekistan.
What is the INSTC?
It covers the areas from the EU to the Suez Canal on the one hand, and on the other hand from the EU to the ports of India and Pakistan.
This trade corridor is a major project, and in 2000 there was an agreement between Russia, Iran and India to establish it. Since 2002, this "green corridor" has been officially opened. Dozens of countries around the world are now members of this Green Corridor.
So what does this trade corridor gives to Uzbekistan?
This corridor is a very useful alternative for our country, as our republic has access to sea routes through two countries in the world.
Access to trade finance, as well as accelerating the integration of our economy into global digital trade. In general, such corridors increase the speed of delivery of perishable goods and coordinate the overall transport infrastructure.