Azernews.Az

Monday October 7 2024

Russia and Kazakhstan commit to advancing International North-South Transport Corridor

26 July 2024 23:34 (UTC+04:00)
Russia and Kazakhstan commit to advancing International North-South Transport Corridor
Nazrin Abdul
Nazrin Abdul
Read more

Russia and Kazakhstan are both committed to advancing the International North-South Transport Corridor, according to Alexei Overchuk, Deputy Prime Minister of Russia, Azernews reports.

Overchuk made this statement during a meeting of the Intergovernmental Commission for Cooperation between the two countries in Astana.

"We are jointly focused on developing the International North-South Transport Corridor. Equally important is the enhancement of transport routes towards China, given the increasing access to Chinese agricultural markets. We must support these opportunities with a conducive business environment and modern infrastructure," he stated.

Overchuk also highlighted ongoing efforts to improve checkpoints and infrastructure connectivity between Russia and Kazakhstan.

The North-South International Transport Corridor is a 7,200 km multimodal route linking St. Petersburg with the ports of Iran and India. It serves as an alternative to the traditional sea route through the Suez Canal, connecting Europe, the Persian Gulf, and the Indian Ocean.

The corridor features both western and eastern branches through Iran. The western branch includes road transport via Rasht, while the eastern branch utilizes rail. The corridor ends at the port of Bandar Abbas in Iran, from where cargo can be shipped to India. The western branch also traverses Azerbaijan, while the eastern branch goes through Kazakhstan and Turkmenistan.

In trade relations, Kazakhstan and Russia saw a turnover of $9.7 billion from January to May 2024, a 12.5 percent decrease from $11.1 billion during the same period in 2023. Kazakhstan's exports to Russia in the first five months of 2024 totaled $3.36 billion, marking a 21.5 percent decline from $4.3 billion year-on-year. Conversely, imports from Russia fell by 6.7 percent to $6.3 billion, down from $6.8 billion in the same period of 2023.

---

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more