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Date: 02/05/2024

INSTC seen as best bet to boost trade amid the Red Sea crisis

The International North-South Transport Corridor (INSTC) initiative by Russia, Iran and India is seen as the best bet to enhance trade and transport connectivity among countries along its route, that would not only help Russia and Iran counter Western sanctions but may also benefit the global economy to move away from the now-dangerous Red Sea and the Suez link to the Mediterranean. The INSTC plan comprises a 7,200-km corridor starting from St Petersburg in Russia to ports in southern Iran, and from there to Mumbai in India. The idea is of a shipping route that should bypass Europe. It will also reduce the length of the current path through the Mediterranean Sea and the Suez Canal to Russia by almost half, highlighted a report.
 
The plan got reinforcement from the recent events in the Red Sea and also the Israel-Hamas clashes in the Middle East. The Houthi attacks on mercantile shipping across the Red Sea exposed the insecurity of the Suez link to the Mediterranean, the report added.
 
source: Exim News Service: Mumbai, May 1



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