TEHRAN - Iran and Russia are determined to implement the International North-South Transport Corridor (INSTC) as soon as possible, the Iranian Minister of Finance and Economic Affairs Abdolnaser Hemmati said.

Referring to a meeting with Igor Levitin, an aide to the Russian president, in Tehran on Monday, Hemmati said, "In this meeting, we discussed the important issue of implementing the North-South Corridor project."

In this meeting, Russia emphasized that it is determined to complete this project because it is beneficial for both Iran and Russia, while other Asian countries, including India and the Persian Gulf nations, will also benefit from it, Hemmati said.

"We called on President Putin's aid to invite the countries on the way of the International North-South Transport Corridor project to Iran in order to achieve the desired result for implementing this corridor as soon as possible," the Iranian Economy Minister said.

Mentioning the agreements and memorandums reached between Iran and Russia in recent years, Hemmati said he has urged Russia to take the necessary measures to implement those agreements noting that only 20 percent of them have been implemented so far.

After the imposition of Western sanctions on Iran and Russia, the two countries have been working to strengthen their trade ties and improve joint transportation infrastructure. One of the key trade routes between Iran and Russia is the International North-South Transport Corridor, a multimodal transportation network connecting India and the Persian Gulf to Russia and Northern Europe. The transport corridor is crucial to Russian and Iranian relations and trade.

The corridor includes seaports on the Persian Gulf and in the Caspian region, as well as road and rail routes. The rail route from Iran to Russia will bring both parties economic benefits, as cargo will be able to move quickly and easily between the two nations.

Railways are expected to play a key role in the development of the INSTC, with the completion of the Rasht-Astara railway which is a crucial component of the corridor. This railway will link the Iranian port of Bandar-e Anzali to Russia’s railway network and beyond, providing a direct and efficient route for goods to travel.

EF/MA