Boosting India-Iran Relations:
India and Iran agreed to remove arbitration in foreign courts related to Chabahar port.
Earlier, this clause had hindered the framing of a long-term agreement about the facility.
India and Iran chose investment arbitration or alternative dispute settlement methods.
Aim to avoid Iran needing to amend its Constitution.
UN Commission on International Trade Law:
Both countries agreed on arbitration under rules set by the UN Commission on International Trade Law.
India prefers this UN mechanism over other international trade arbitration systems.
Chabahar Issue and Leaders' Commitment:
Chabahar port issue discussed during a call between Iran's president and India's Prime Minister.
Leaders expressed commitment to strengthen cooperation and develop Chabahar Port as a connectivity hub.
Presidents' meeting during the BRICS summit affirmed their commitment to boosting ties.
Longer-Term Agreement's Benefits:
Long-term agreement brings predictability and boosts stakeholder confidence.
Chabahar Port is located on Iran's southeastern coast.
Tehran is the capital of Iran, in the north of the country
Seen as India's strategic move to compete with China's interest in Iranian ports and infrastructure projects.
Resolution benefits sanctions-hit Russia, aiming to access the Indian Ocean through the International North South Transport Corridor passing through Chabahar.
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