Iran and India reached the final agreement for the development of Iran’s southeastern Chabahar port in Tehran on Monday, according to Mehr News Agency.

The agreement to develop the strategic port was reached during a meeting between Iranian Transport and Urban Development Minister Mehrdad Bazrpash and Indian Minister of External Affairs Subrahmanyam Jaishankar.

In the meeting, the Iranian minister proposed the formation of a joint transportation committee to expand cooperation between the two sides and stated that the formation of this working committee would enable the activation of transit capacities and the use of the North-South corridor.

The Indian minister, for his part, emphasized his country's readiness for new investments in the fields of transportation and transit in Iran and invited the Iranian minister to visit India.

As Iran's only oceanic port on the Gulf of Oman, Chabahar Port holds great significance for the country both politically and economically. The country has taken serious measures to develop this port to improve the country’s maritime trade.

The port consists of Shahid Kalantari and Shahid Beheshti terminals, each of which has five berth facilities. The port is located in Iran’s Sistan-Baluchestan Province and is about 120 kilometers southwest of Pakistan’s Baluchistan Province, where the China-funded Gwadar port is situated.