News

India to become trade-transit hub in bit to counter China’s OBOR

India to become trade-transit hub in bit to counter China’s OBOR

New Delhi: India became the 71th country on Monday to join the United Nations TIR Convention, the international customs transit system, to position itself as a regional trading and transit hub.

 The TIR system is the international customs transit system with the widest geographical coverage. As other customs transit procedures, the TIR procedure enables good to move under customs control across international borders without the payment of the duties and taxes.India trade

 TIR convention is more than a transport agreement and has a strong foreign policy element.

 In a world where China’s ‘One Belt One Road’ (OBOR) is the dominating project straddling economics and geopolitics, India has no option but to play a better game if it wants to be counted as a serious rising power.

 Welcoming India into the global transport arrangement, Umberto de pretto, the secretary general of IRU which manages the TIR convention, told TOI from Geneva that India’s accession would have a big impact on regional connectivity. “TIR can help implement the Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement by addressing policy incompatibility among the BBIN group. For example, Bangladesh does not recognise insurance policies made in India, Nepal or Bhutan. With TIR, there would be no need for bilateral arrangements as guarantors are covered by the Global guarantee chain”.

 Once the system is integrated with global norms, India reckons it will become easier to service African and Asian markets when the DMIC (Delhi Mumbai Industrial Corridor) comes online.

 China joined the TIR in 2016 when its giant inter-regional connectivity projects began to take off. As India ramps up its connectivity ambitions this is a necessary step. For instance, the BBIN motor vehicles agreement needs this convention to make it operational.

 A statement from IRU (International Roads Union) said this was “part of India’s multi- modal transport strategy that aims to integrate the economy with global and regional production networks”.

 

Comments

Post a comment here

You must be logged in to post a comment Login

Leave a Reply

News

More in News

Former CJP Nasirul Mulk named caretaker Prime Minister of Pakistan

Former CJP Nasirul Mulk named caretaker Prime Minister of Pakistan

Kristen LeuMay 28, 2018

JF-17 Thunder: A Tale of Pride of Pakistani Nation

Jawad AkramMarch 16, 2018
US-Pakistan Trust Deficit – Causes and Solutions

US-Pakistan Trust Deficit – Causes and Solutions

Jawad AkramJanuary 29, 2018
Recep Tayyip Erdogan

Recep Tayyip Erdogan – A Charismatic Leader of Muslim World

Jawad AkramJanuary 20, 2018
Imran Khan sent Proposal for his Third Marriage

Imran Khan sent Proposal to Bushra Maneka for his Third Marriage

Sarah AliceJanuary 7, 2018

United Arab Emirates – From A Land of Sand to The Land of Dreams

Jawad AkramNovember 30, 2017
North Korea

North Korea claimed new missile to hit the whole United States

Daisy FlorenceNovember 29, 2017
Paradise Papers Leak

714 Indians with hidden wealth exposed by Paradise Papers Leak

Sarah AliceNovember 6, 2017
Former Pakistani Prime Minister Shaukat Aziz get exposed in Paradise Papers

Former Pakistani Prime Minister Shaukat Aziz get exposed in Paradise Papers

Daisy FlorenceNovember 6, 2017

Copyright © 2018 Khaleej Mag