TODAY.AZ / Business

Azerbaijan, Georgia and Kazakhstan join forces to develop TITR

26 June 2023 [22:07] - TODAY.AZ

In an effort to bolster regional connectivity and enhance trade, the railway administrations of Kazakhstan, Azerbaijan, and Georgia have come together to collaborate on the development of the Trans-Caspian International Transport Route (TITR).

As noted by the Kazakhstan Railways (KTZ - Kazakhstan Temir Zholy), a trilateral agreement was signed between KTZ and the Georgian Railway during the official visit of the Prime Minister of Kazakhstan, Alikhan Smailov, to Georgia. Prior to this, a similar agreement was also signed with the Azerbaijan Railways CJSC in Baku.

The agreement, which was based on the joint activity arrangements reached among the partners on May 4, 2023, in Tbilisi, sets out the fundamental principles for the establishment and operation of a joint venture (JV) dedicated to the development of the TITR.

To facilitate the opening, registration, and operation of the JV, a roadmap has been devised, with plans to establish it within the Astana International Finance Center by the end of this year.

TITR or Middle Corridor is a transportation and trade route that connects Asia and Europe, passing through several countries in the region. It is an alternative route to the traditional corridors.

The route starts in China and crosses Central Asian countries such as Kazakhstan, Uzbekistan, and Turkmenistan. It then passes through the Caspian Sea, Azerbaijan, Georgia, and Türkiye before reaching Europe. The Middle Corridor offers a land route that connects the eastern parts of Asia, including China, with Europe, bypassing the longer maritime routes.

URL: http://www.today.az/news/business/236515.html

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