India to Sign Customs Convention on International Transport of Goods
16 January 2017
India is set to join the Transports Internationaux Routiers (TIR), or International Road Transports, Convention in its bid to establish seamless trade connectivity with Southeast Asia and Eurasian countries.
Through the TIR Convention, India can access Eurasian Economic Union (EAEU) member countries via the International North-South Transport Corridor (INSTC). The EAEU—comprising Armenia, Belarus, Kazakhstan, Kyrgystan, and Russia—is an integrated single market exceeding a gross domestic product of $4 trillion in purchasing power parity.
The INSTC is a 7,200-kilometer network of rail, road, and waterway routes that links Mumbai with St. Petersburg and Moscow through Iran and Azerbaijan. Access to it would also boost India’s trade with Iran and northern and western Europe. It would also give India an advantage in trade with fellow signatories of the Bangladesh, Bhutan, India, Nepal (BBIN) Motor Vehicles Agreement.
Being part of the TIR Convention would allow India to move goods in sealed vehicles or containers, without requiring costly, time-consuming border checks. TIR procedures enable Customs authorities to enforce security and guarantees requirements through internationally harmonized Customs documents, also known as TIR Carnets.
Related Link:
