India, Iran and Afghanistan sign historic land transit trade agreement
Posted on: 24 May 2016 09:20:23
24 May 2016 Current Affairs: India, Iran and Afghanistan sign historic three-way land transit agreement on Iran’s strategic southern port of Chabahar. It was signed by Indian Prime Minister Narendra Modi, Iranian President Hassan Rouhani and Afghanistan President Ashraf Ghani in Teheran, Iran.
Under the agreement, India will invest up to 500 million dollars in a deal to develop a strategic port in Iran. Chabahar port is strategically located in the Sistan-Balochistan Province on the energy-rich Persian Gulf nation’s southern coast. It lies outside the Persian Gulf and is easily accessed from India’s western coast, bypassing Pakistan.
The agreement on the establishment of a Trilateral Transport and Transit Corridor has potential to alter the course of history of this region. It can spur unhindered flow of commerce throughout the region and its economic fruits will expand trade, attract investment, build infrastructure, develop industry and create jobs. India will get sea-land access route to Afghanistan bypassing Pakistan which will open opportunities for Indian companies to explore Afghanistan’s mineral wealth.
Prime Minister Narendra Modi’s visit to Iran : It was the first by an Indian PM to Iran in 15 years and comes months after international sanctions on Iran were lifted following its historic nuclear deal with the P5+1 nations over its contentious atomic programme. Earlier, then Prime Minister Atal Bihari Vajpayee had visited Iran in April 2001.
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