On 23 May 2016 India, Iran and Afghanistan signed the agreement on Trilateral Transit and Transport Corridor.
• The agreement was signed in the presence of Prime Minister Narendra Modi, President Hassan Rouhani of Iran and the Afghan President Ashraf Ghani in Tehran.
• The purpose of the agreement is to facilitate seamless transport of goods between India and Afghanistan via the Chabahar port that is strategically located in the South East of Iran.
• This agreement is expected to bring down cargo tariffs and boost regional economic development.
• Besides, India and Iran also signed an agreement for the development of the Chabahar port. This agreement is complementary to the agreement on Trilateral Transit and Transport Corridor.
• Under the agreement, India will develop the Chabahar port in Iran at an estimated cost of 150 million US dollars.