Governments of Caspian littoral states ink agreement on trade and economic co-op


Governments of Caspian littoral states have signed an agreement on trade and economic cooperation in Turkmenistan’s Avaza, Trend reports citing the Turkmen government.

Avaza hosted a meeting of the heads of the competent economic authorities of Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan as part of the events of the Caspian Economic Forum.

The meeting participants focused the role and place of the region’s economies in the global system of world economic relations, the potential for expanding cooperation in the areas of the digital economy and special economic zones (SEZ). The agenda also included the possibility of implementing joint investment projects and programs.

The “Stability through joint development” approach, which reflects the economic needs of each Caspian state, was chosen as the optimal form of partnership.

The meeting focused on the importance of the Convention on the Legal Status of the Caspian Sea, signed in August 2018 at the end of the Fifth Caspian Summit.

The possibilities of creating joint ventures were discussed. During the meeting, special attention was paid to the exchange of experience in the formation and development of special free economic zones (SEZ), which today are an integral part of world economic relations.

One of the items on the agenda was the simplification of the visa regime, which in the future will have a positive impact on the economic growth of the region.