Government proposal to accede to the Ashgabat Agreement

NEW DELHI: The government has approved a proposal to accede to the Ashgabat Agreement, a move that will further strengthen trade ties between India and the Eurasian region.

"The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for India to accede to the Ashgabat Agreement," Telecom Minister Ravi Shankar Prasad told reporters here after the meeting.

The Agreement is an international transport and transit corridor facilitating transportation of goods between Central Asia and the Persian Gulf.

Oman, Iran, Turkmenistan and Uzbekistan are the founding members of the Ashgabat Agreement, while Kazakhstan joined it subsequently.

Accession to the Agreement would enable India to utilise the existing transport and transit corridor to facilitate trade and commercial interaction with the Eurasian region, Prasad said.

Further, this would synchronise with India's 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, an official statement said.