India and Iran on Monday signed a 10-year contract for the operation of a terminal at the strategically important " Chabahar " port in Iran, a move that will boost regional connectivity as well as trade ties.

This is the first time India will take over the management of an overseas port that will also have a multiplier effect on trade among India, Iran and Afghanistan as efforts continue to directly tap the potential in Central Asia, bypassing neighbouring Pakistan.

According to an official statement, the contract was signed by India Ports Global Ltd (IPGL) and Iran's Port & Maritime Organisation (PMO), in the presence of Ports, Shipping and Waterways Minister Sarbananda Sonowal.

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