Iran is ready to conclude a long-term contract with India to use Chabahar port as a crucial transit hub for the North-South Transport Corridor, government sources told Sputnik in New Delhi.
A detailed conversation regarding the long-term contract held between Iran's Minister of Roads and Urban Development Rostam Ghasemi and India's Minister of Ports and Shipping Sarbananda Sonowal in Tehran last week.
"Chabahar port has high potential and a large capacity. Iran wants to materialize the potential of the port with the help of India," an official said.
Sources told Sputnik that both the countries set a target to conclude the technical and legal aspects of the contract by the end of October, and the long-term agreement could be signed by December.
The India delegation led by Sonowal, who visited Chabahar last week, discussed with Iranian officials the possibilities of trade and unlocking trade potential between Central Asian countries with South Asian, ASEAN and even from Far East countries like Japan and Korea.
India and Iran have agreed to set up a joint technical committee for the smooth functioning of the Chabahar port.
"We are continuously working towards making the International North-South Transport Corridor the preferred route of trade between the two regions," Sonowal said.
Since India Ports Global Private Limited assumed the operation of Shahid Beheshti Port in December 2018, it has handled over 4.8 million tons of bulk cargo.
The trans-shipment of goods was from Australia, Bangladesh, Brazil, Germany, Oman, Romania, Russia, Thailand, UAE, Ukraine, and Uzbekistan.
India organized a "Chabahar Day" event in Mumbai on July 31, which was attended by the ambassadors of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, as well as other high-level officials from these countries.