India wants to fast-track the setting up of an International North-South Transport Corridor (INSTC) to improve connectivity with Azerbaijan. The transport corridor will also help save time and transportation costs.
[The INSTC member countries include India, Iran, Russia, Azerbaijan, Armenia, Kazakhstan, Kyrgyztan, Tajikistan, Turkey, Ukraine, Belarus, Oman, Syria and Bulgaria (observer).]
During a meeting in Baku with Mr Huseyngulu Baghirov, Minister of Ecology and Natural Resources of Azerbaijan, Mr Jyotiraditya M. Scindia, Minister of State for Commerce and Industry, called for identifying the impediments that block the smooth functioning of the transport corridor, an official statement said on Tuesday.
Meanwhile, India also expressed keenness to participate in the exploration and development of oil and gas fields in Azerbaijan. India also sought to use the Baku–Tbilisi–Ceyhan (BTC) pipeline for evacuation of oil to meet India’s energy security needs.
During the bilateral meeting, Mr Scindia identified petroleum, IT, food processing and pharmaceuticals as the sectors with the maximum potential for trade and investment with Azerbaijan.
The Minister also called for an early finalisation of a Bilateral Investment Promotion and Protection Agreement and the Double Taxation Avoidance Agreement between the two countries to encourage investment flows and elevate investor’s confidence.
At the bilateral meeting, a protocol was inked identifying pharmaceuticals, energy, transport, agriculture and IT sectors as the key areas of cooperation. It also suggested steps to overcome the existing barriers.