The Eurasian Development Bank (EDB) says transport connectivity and access to markets are among the most significant challenges for the EAEU (Eurasian Economic Union) + region and Eurasia as a whole. The lack of direct access to the sea, which is especially relevant for Central Asian countries, increases transport costs, makes production less viable, limits company profits and affects the welfare of the population. They reportedly see the solution in strengthening internal and trans-Eurasian transport connectivity and creating the Eurasian Transport Network.
The Eurasian Transport Network is a system of international transport corridors crossing the Eurasian landmass along East–West and North–South axes. The Eurasian transport corridors extend as far as China, India and the European Union, enabling the network to become a tangible foundation for a Greater Eurasia. Unlocking the full potential of the Eurasian continent’s economy relies on the seamless transport connectivity that digitalizing transport can provide.
Connectivity reportedly could boost traffic by 40 percent.
Meanwhile, trade along the North-South corridor is off to a strong start in 2024. The route got a big boost from a jump in Russian trade turnover with Iran.
Eurasianet notes that during the first quarter of this year, trade turnover between Russia and Iran has grown by 48 percent over the same period last year, a year in which overall commerce between the two countries lagged.
The bilateral trade between Russia and India has reportedly set a new quarterly value record during the first three months of this year, totaling about US$17.5 billion.
In early June, Russian President Vladimir Putin touted the North-South trade network as a more efficient international trade conduit than the Suez Canal.
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