Armenia is ideally positioned to offer India an alternative sea trade route, especially with Europe, Narek Mkrtchyan, Minister of Labor and Social Affairs, Republic of Armenia said on February 21 at an event on the sidelines of Raisina Dialogue 2024.

"The Armenian government is committed to forming partnerships in major regional and global projects like North-South Transport Corridor (INSTC), the Gulf Black sea transport, and the transit corridor and the Chabahar port development, which is a collaborative effort between India and Iran," the minister said.

He added that this offer assumes significance at a time when many nations, including India, are looking for alternative sea routes to trade with Europe and the West given the spate of attacks on commercial vessels passing through the Red Sea.

Back in March 2023, Armenia proposed a Persian Gulf-Black Sea corridor to connect Indian traders with Russia and Europe.

This was reportedly suggested to link the Persian Gulf and the Black Sea to facilitate trade between India, Russia, and Europe, which would serve as an alternative trade corridor that will operate alongside the INSTC to establish a trade link between Mumbai and Bandarabas Seaport in Iran and then proceed to Armenia and further on to Europe or Russia.

The Armenian minister also pitched for collaborating with India on Artificial Intelligence (AI) through a global coalition where ministers of labour and social protection can consult and trigger investments for AI.

"There is potential to collaborate on AI for social good to address sectors like healthcare, agriculture, environmental conservation planning. We could also potentially establish a global AI innovation platform to facilitate the sharing of Solutions and Research," he added.

https://www.moneycontrol.com/news/business/armenia-ideally-positioned-to-offer-india-alternative-trade-route-with-europe-minister-12324951.html