International North-South Development: Enhancing International Economic Cooperation
The Importance of Transport Corridors
The development of the International North-South Transport Corridor (INSTC) took center stage at the St. Petersburg International Economic Forum 2024, with a roundtable discussion focusing on the crucial role of interregional and global transport and logistics corridors in industry development.
BRICS Nations Unite
The expert discussion involved representatives from business and public sectors of BRICS nations. It underscored the importance of transport connectivity in deepening economic cooperation among countries. Notably, this is crucial for BRICS members with vast territories and populations. Furthermore, Russian Minister of Transport Roman Starovoyt highlighted the essential role of international transport corridors. These corridors facilitate smooth logistics operations, which is vital for economic growth. Clearly, improving transport connectivity is a key priority for BRICS nations.
Russia’s Commitment toINSTC Development
Russia actively promotes developing existing international transport corridors and establishing new ones. It does so through international organizations, integration mechanisms, and bilateral cooperation. Moreover, Russia prioritizes increasing traffic volume along international transport corridors by 2030 and 2036.In 2023, cargo traffic along the International North-South Logistics corridor grew significantly. Firstly, seaports witnessed a 55% rise in export and import cargo transshipment. Secondly, railway transport experienced a 13% increase. Additionally, checkpoints on Azerbaijan’s border saw a 25% surge in traffic. Consequently, these figures underscore the corridor’s growing importance for cargo logistics.
Forging Ahead with International Cooperation
First, Afghanistan signed transport and transit agreements with Turkmenistan, Iran, Kazakhstan, and Bahrain. Additionally, it collaborates with Iran on the Resht-Astara railway project. This project aims to boost railway freight traffic along the International North-South Logistics corridor.
Moreover, Afghanistan and Kazakhstan developed road maps for jointly improving border crossings, roads, and railway infrastructure. Furthermore, preparations are underway with Azerbaijan to enhance transportation along the INSTC’s western part. These initiatives strengthen regional connectivity and facilitate efficient logistics operations.
The Future of INSTC
As the INSTC continues to grow, it is essential to synchronize actions with foreign colleagues to ensure the connectivity of countries. In this regard, Russia is working systematically to improve the efficiency of transit routes to Asia and the Middle East. The country is making significant progress in developing the INSTC, and its continued growth will have a positive impact on the economies of BRICS nations and beyond.
In conclusion, the development of the International North-South Transport Corridor is crucial for enhancing economic cooperation among BRICS nations. Russia’s commitment to expanding the geography of transportation and synchronizing actions with foreign colleagues will ensure the connectivity of countries, driving growth and development in the region. As the INSTC continues to grow, it will play an essential role in shaping the future of international economic cooperation.