India and Russia will use the International North-South Transport Corridor for movement of goods, reducing transport time by half, The Indian Express reports.
Within three months, exporters and importers from India and Russia can move goods between the two countries through Iran, said Concor CMD V Kalyana Rama on Tuesday evening.
The Container Corporation of India (Concor) and RZD Logistics JSC (part of Russian Railways) on Tuesday signed a service agreement to transport cargo between India and Russia using a single invoice. The two entities had signed an MoU last year to this effect.
Exporters from India can book their goods through a single invoice issued by Concor and exporters from Russia can book their goods using RZD Logistics.
The containers will move between the two countries using the International North South Transport Corridor (INSTC) through the Iran and Azerbaijan. The move will benefit the traders by lowering transit time and cost of transportation.
The new route will cut the time of moving goods by almost half as it will avoid the present circuitous sea route through the Suez Canal, and also result in significant cost savings.