TIR system is an internationally successful customs transit system that enables movement of goods between countries affiliated to the TIR Convention, a 1975 UN-ratified agreement allowing for duty-free movement of freight across nations.
It is overseen by the United Nations Economic Commission (UNECE), and managed by the International Road Transport (IRU). TIR stands for "Transports Internationaux Routiers". India ratified the convention on 15th June 2017.
TIR will help Indian traders to have access to fast, easy, reliable and hassle free international system for movement of goods by road or multi-modal means across the territories of other contracting parties.
It will be a boon to India's trade and aims to integrate the economy with global and regional production networks through better connectivity. It can be an instrument for movement of goods along the International "North-South" Transport (INSTC) Corridor, which India is developing along with Russia. (ANI-NewsVoir)