India Inks 10-Year Deal to Operate Chabahar Port in Iran, Undeterred by US Sanctions Threat

India's Foreign Minister S. Jaishankar has downplayed the US threat of sanctions after New Delhi signed a landmark contract with Tehran to operate the Chabahar Port in Iran, stating that the project will "benefit the entire region."

Iran (IMNA) - Hours after India and Iran inked the 10-year deal to develop and operate the strategic Iranian port of Chabahar, the US on Monday warned any entity considering business deals with Iran of potential sanctions. However, Jaishankar emphasized that the project has a "larger relevance" and the US has been appreciative of its significance in the past.

The agreement for the Long-Term Bilateral Contract regarding the operation of Chabahar Port, Iran's sole ocean port, was officially executed on Monday between Indian Ports Global Limited (IPGL) from India and the Ports and Maritime Organization (PMO) of Iran.

For India, the Chabahar Port is considered a significant transit port for trade with landlocked Afghanistan and Central Asian countries. The Indian government has made significant investments in the port's infrastructure and has actively participated in enhancing its facilities to establish it as a feasible transit route for Indian goods destined for Afghanistan and Central Asia.

Jaishankar, 69, stated that a long-term agreement could not previously be concluded due to a number of issues, but the successful resolution of these problems led to the signing of a beneficial long-term pact for the region. He emphasized that without a long-term agreement, it is difficult to improve the port's operation, which is crucial for the entire region's benefit.

Despite the US threat of sanctions, India remains committed to the Chabahar Port project, which is seen as a strategic move to enhance its regional influence and trade opportunities with landlocked countries in Central Asia.

News ID 753822


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