The Memorandum of Understanding between the Railway Administrations of the Republic of Kazakhstan , Turkmenustan and Islamuc Republic of Iran on the implementation of the KTI Railway Freight Corridor was singed during a ceremony on the sidelines of the 15th ECO SUMMIT at the Business Forum held on 26th November at the Chamber of Commerce of Turkmenistan.
As per the MoU, a trilateral Corridor Management Mechanism(CMM) will be established to coordinate its operation and tariffs.
The MoU is the outcome of the Project on Commercializing the ECO- KTI Corridor that was conducted jointly by ECO, IDB and UNESCAP.
The project included study on trade flow and marketing plan, physical and non-physical barriers and Corridor Management Mechanism.
The Representatives of ECO, IsDB and UNESCAP participated in the hybrid ceremony and delivered their statements on the important milestone and expressed their interest on joint cooperation for development of transport connectivity in the ECO Region.
The MoU will pave the way for coordination of the enroute countries to commercialize the railway through the Permanent Working Group comprising of the Heads of Railways of the three countries.