Updated By: LatestGKGS Desk
India's benefit with TIR Convention vs China's One Belt One Road
India's entry in TIR Convention vs China's OBOR project comparison
After the implemation of TIR convention, India get more reach in business with middle east, European countries and rest of the world. Like other 70 countries, India will also start getting benefits in tax duties, time saving and ease in business using latest transport medium with rest of the world.
TIR Convention Gives India big weapon to face the China's ambitious OBOR (One Belt One Road) project. TIR convention will boost India's prospect in International North South transport carridor (INSTC) and India and Iran's Chabahar project in Iran.
About INSTC (International North South Transport Corridor)
INSTC is 7,200 km long road and ocean way for transport. In this transport corridor there are rail, road, and ocean way. INSTC helps India, Europe, and Middle Asia, getting good business in less time and get some rebate on tax and duties.
With this deal Europe and South Asia will get good and fast business relationship .
According to Federation of Freight Forwarders' Associations in India, INSTC is cheap 30% and 40% small way for transport between India and rest of the world associated in the agreement.
India has leading edge in transport system with latest devleopment with INSTC giving a tough comparison to China's OBOR. China's OBOR is almost void for India's business requirements. India also thinks China's OBOR as a threat for it's national integrity as OBOR passes through disputed territory of Jammu and Kashmir.
