The international north-south transport corridor (INSTC) that runs through Iran and the Chabahar port have been hailed by India’s foreign minister S. Jaishankar as crucial to the development of central Asia, while the China Pakistan Economic Corridor has been subtly criticised for infringing on Indian sovereignty.
“Emphasised the need for improved connectivity in the SCO region based on the significance of central Asian states’ interests. will enable the INSTC and Chabahar port to help this region realise its economic potential. Projects involving connectivity should adhere to international law and protect the member nations’ territorial integrity and sovereignty “After the 21st Shanghai Cooperation Organization chiefs of government met virtually on Wednesday, EAM S Jaishankar said.
India has concerns about the CPEC, which crosses Pakistan-occupied Kashmir. The centrepiece of China’s Belt and Road Initiative is CPEC. India has steered clear of endorsing BRI in the numerous SCO summits and meetings, including the one on Tuesday. The meeting on Tuesday was presided over by Li Keqiang, the state council’s premier.
The growth in trade volume following the sanctions on Russia has been considerably helped by INSTC. According to the Federation of Indian Export Organisations, the route decreased expenses by 30% and voyage time to central Asia by 40%. In comparison to 40 days on conventional shipping routes, the route enables the transportation of products from India to Russia. As part of this framework, India and Iran are negotiating bilateral agreements to include Chabahar.
Jaishankar demanded fair market access to boost bilateral trade in yet another oblique rebuke of China for denying India fair market access. Fair market access is to our mutual benefit and the only way to move forward, the minister wrote. “Our overall commerce with SCO members is only $141 billion, which has potential to rise threefold.” India intends to promote greater cooperation with SCO member states on addressing the food crisis, among other issues highlighted in 2023, the UN International Year of Millets, according to Jaishankar. “Spoke of Mission LiFE launched by PM Narendra Modi which envisions replacing prevalent ‘use and dispose’ economy with a circular economy,” Jaishankar tweeted.
In his remarks, Jaishankar also emphasised India’s close cultural and historical ties to the SCO region and reaffirmed India’s unwavering commitment to expanding multilateral cooperation in the areas of commerce, culture, climate change, and food and energy security. The minister highlighted India’s commitment to battling climate change as well as our successes in this area. He emphasised the robust economic revival in India. The Joint Declaration released following the SCO meeting stated that it took notice of Tajikistan’s suggestion to build the SCO’s economic development strategy through 2030.
