Chabahar port

Chabahar port

1. India and Iran have agreed that disputes at Chabahar will not go for commercial arbitration in foreign courts but take investment arbitration or any other mode of dispute settlement.
2. The arbitration will be pursued under rules framed by the UN Commission on International Trade Law
3. This shall enable long-term agreement and boost investor confidence in Chabahar.
4. Thus, it has dropped the the clause for arbitration in foreign courts concerning the Chabahar port.
5. Chabahar Port is a seaport in Chabahar located in southeastern Iran, on the Gulf of Oman. 
6. It serves as Iran's only oceanic port, and consists of two separate ports named Shahid Kalantari and Shahid Beheshti.
7.  In May 2016, India and Iran signed a bilateral agreement to develop Chabahar port as it partly intended to provide an alternative for trade between India and Afghanistan
8. Sanctions against Iran led to reduction in India's involvement and investment in the US$1.6 billion Chabahar–Zahedan railway.
9.  it has been termed the "Golden Gate" to these landlocked countries of Central Asian such as Turkmenistan, Uzbekistan and others,