the Eurasian Development Bank (EDB) released a new report recommending soft infrastructure measures to enhance the popularity and effectiveness of the International North-South Transport Corridor (INSTC). This strategic transport route, designed to connect India, Iran, Russia, and several Central Asian countries, aims to facilitate more efficient trade and transport across the Eurasian region.
Source:- news 18
The EDB’s report highlights the importance of improving soft infrastructure—such as regulatory frameworks, customs procedures, and logistical support—along the INSTC to address current bottlenecks and challenges. Soft infrastructure improvements are seen as crucial for streamlining cross-border trade, reducing transit times, and boosting the corridor’s appeal to international traders and investors.
Source:- BBC news
Key recommendations from the EDB include:
Harmonization of Customs Procedures: Simplifying and standardizing customs procedures across participating countries to reduce delays and improve efficiency.
Development of Digital Platforms: Implementing digital solutions for tracking and managing cargo to enhance transparency and reduce administrative burdens.
Strengthening Regional Cooperation: Encouraging greater collaboration among countries involved in the INSTC to address regulatory and operational challenges collectively.
Enhancing Logistics and Supply Chain Management: Investing in logistics infrastructure, such as warehousing and transportation hubs, to support smooth and efficient trade flows.
The EDB’s report underscores that while physical infrastructure improvements are important, addressing soft infrastructure issues is equally critical for maximizing the benefits of the INSTC. By focusing on these measures, the EDB aims to make the corridor a more attractive and viable option for international trade, potentially leading to increased economic integration and development in the region.
The recommendations are expected to be discussed at upcoming regional meetings and conferences, with stakeholders working towards implementing the proposed measures to boost the effectiveness and popularity of the INSTC.
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