India To Accede To The Asdgabat Agreement On Transit Corridor

On 23-March-2016 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for India to accede to the Ashgabat Agreement, an international transport and transit corridor facilitating transportation of goods between Central Asia and the Persian Gulf. 
•    The Ashgabat Agreement has Oman, Iran, Turkmenistan and Uzbekistan as founding members. Kazakhstan has also joined this arrangement subsequently. 
•    Accession to the Agreement would enable India to utilise this existing transport and transit corridor to facilitate trade and commercial interaction with the Eurasian region. 
•    Further, this would synchronise with our efforts to implement the International North South Transport Corridor (INSTC) for enhanced connectivity. 
•    India’s intention to accede to the Ashgabat Agreement would now be conveyed to the Depository State (Turkmenistan). India would become party to the Agreement upon consent of the founding members.
•    It is a transit agreement established in year 2011. 
•    It establishes international transport and transit corridor between Central Asia and the Persian Gulf countries. 
•    Its founding members are Uzbekistan, Iran, Turkmenistan and Oman. Kazakhstan had joined the grouping in 2015.