India-Iran-Afghanistan transit corridor talks in progress: V K Singh

NEW DELHI: After inking a pact with Iran for development of Chabahar port, negotiations for strategically important India-Iran-Afghanistan Trilateral Transit Corridor have made progress and a meeting of experts to finalise the clauses will be held in India shortly, Lok Sabha was informed today.

Replying to a question in the Lok Sabha, Minister of State of External Affairs V K Singh also said RBI has sought the concurrence of Finance Ministry for reinstating Iran under the Asian Clearance Union (ACU) as the Iranian bank accounts in India can only be activated after that.

Also, requests of Iranian banks regarding reactivating their accounts in various Indian banks and opening branches in India are under consideration of the government and RBI, Singh said.

He was asked if the government has taken any action to improve trade relations with Iran in the backdrop of lifting of international sanctions.

"Negotiations on an Agreement on India-Iran-Afghanistan Trilateral Transit Corridor have made progress and the next meeting of Experts to finalise the clauses will be held in India shortly," the minister said.

The transit corridor, which will bypass Pakistan, will be significant for Afghanistan, which has expressed keenness to revitalise the Silk Road and act as a regional hub for connecting South Asia with Central Asia.