In a development aimed at boosting regional trade and connectivity, member countries of the Economic Cooperation Organization (ECO) have come together to create an international multimodal transport corridor linking Asia and Europe.
The announcement was made during the 12th meeting of the transport ministers of ECO member countries, where the transportation ministries of Uzbekistan, Turkmenistan, Iran, and Turkey unveiled the "Uzbekistan-Turkmenistan-Iran-Turkey" corridor.
The signing of the protocol at this multilateral meeting signifies a commitment to achieving several critical objectives:
- Facilitating Cargo Transportation: The corridor is intended to streamline cargo transportation from countries in the Asia-Pacific region to their counterparts in the European Union. This ambitious project aims to create a direct and efficient trade route connecting these two vast regions.
- Competitive Tariff Rates: One of the key features of this initiative is the application of competitive tariff rates. By offering favorable conditions for cargo transportation through the railways of Uzbekistan, Turkmenistan, Iran, and Turkey, the member countries seek to make this corridor an economically attractive choice for shippers.
- Standardization and Unification: The signatories of the protocol have committed to developing measures for the unification of normative legal and technical standards governing cargo transportation along the corridor. This standardization will help streamline the flow of goods and make the transport process more efficient.
- Enhancing Regional Connectivity: Beyond economic objectives, the agreement aims to strengthen the connections between the participating countries in the field of transport. Improved regional connectivity is expected to have far-reaching impacts on trade and collaboration in various sectors.
This initiative aligns with the broader goals outlined in Uzbekistan's "Uzbekistan - 2030" Strategy, which seeks to deepen the country's integration into global transport and logistics networks. By creating alternative international transport corridors that pass through Uzbekistan, the country is positioning itself as a key player in facilitating the movement of goods between Asia and Europe. This strategic move is set to enhance Uzbekistan's transit potential and contribute to its economic growth.
Earlier Daryo highlighted that President Shavkat Mirziyoyev unveiled a series of impactful suggestions and initiatives designed to foster stronger relationships among the member states at the Astana summit of the Organization of Turkic States held on October 3. One of the standout proposals was the establishment of a Council of Railway Authorities, with the intent of reaping numerous advantages.
"We propose to establish a council of railway authorities of our states and place the directorate of this structure in our country," President Mirziyoyev stated.
He underscored the significance of directing attention towards the growth and diversification of global logistics networks, transit infrastructure, and the creation of multiple pathways connecting Turkic nations to vital markets in China, South Asia, and Europe.
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