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:

The Executive Committee of the National Economic Council (ECNEC), chaired by Bangladesh Prime Minister Sheikh Hasina, approved the...

Read More


India and Myanmar are launching the Imphal (Manipur, India)–Mandalay (Myanmar) bus service to further promote tourism and people-to-people...

Read More


Inland waterways is an important pillar of ‘Arth-Ganga,’ a project that aims to channelize economic activity along the...

Read More


Representatives from Bangladesh, Bhutan, India and Nepal (BBIN) met in New Delhi, India, on 8 February 2020 to...

Read More


The Governments of Bangladesh and India signed an agreement to upgrade the 50.58-kilometer long road between Ashuganj river...

Read More


India Prime Minister Narendra Modi and Nepal Prime Minister KP Sharma Oli jointly inaugurated the Integrated Check Post...

Read More


Inland waterways could significantly reduce the cost of transporting goods and transit time, and decongest highways....

Read More