India joins Ashgabat agreement to set up international transport, transit corridor linking central Asia with Persian Gulf

New Delhi, February 2: India has signed many international pacts with other nations in a bid to boost trade and economy of the country. Notably, India on Thursday joined the Ashgabat agreement which envisages setting up of an international transport and transit corridor linking central Asia with the Persian Gulf to significantly ramp up trade and investment. 

The External Affairs Ministry in a statement said, “India has been admitted to Agreement on the Establishment of an International Transport and Transit Corridor between the Governments of the Islamic Republic of Iran, the Sultanate of Oman, Turkmenistan and the Republic of Uzbekistan signed on 25 April 2011 (Ashgabat Agreement).”

“Turkmenistan, as depository State of Ashgabat Agreement, informed India today that all the four founding members have consented to the Accession of India and that India’s accession to the Agreement will enter into force on 3 February 2018,” the statement added.

Besides Turkmenistan, the other founding members of the agreement are Iran, Oman and Uzbekistan and these countries had signed the pact on April 25, 2011. "Accession to the Agreement would diversify India's connectivity options with central Asia and have a positive influence on India's trade and commercial ties with the region," the Ministry said in a statement.

It said India's accession to the agreement will come into force on Saturday. After approval of the Union Cabinet, India had deposited the instrument of accession with Turkmenistan in April 2016.