World News
New North-South Trade Corridor Under Consideration
A new sea and land passage circumventing the Suez Canal has moved a step closer to reality with a meeting between the main proponents of the scheme taking place later this month.
India, Iran and Russia are to discuss the proposed North-South Transport Corridor which links the Indian Ocean and the Persian Gulf via Iran to Russia and North Europe.
In Iran, the route would overlap with China's One Belt One Road initiative, according to a report by international news provider presstv.
Compared with the Suez Canal, the corridor would reduce transport time between Mumbai and Moscow to about 20 days.
The estimated capacity of the corridor is 20 to 30 million tonnes of goods per year.
A meeting between the interested parties has been set for November 23, according to the report.
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