Caspian Convention: opportunity for economic cooperation of littoral states
The Convention on the Legal Status of the Caspian Sea will provide opportunities for the littoral states to cooperate in various economic sectors. According to the Director of Asia-Pacific Research Center of South Korean Hanyang University Eom Gu Ho, the five Caspian countries previously had issues with fields explorations and construction of pipelines before adopting the official document.
Therefore, Ho viewed that the summit in Aktau has demonstrated that the republics are ready to individually maintain peace and security on the Caspian Sea and tackle the issues of shipping traffic.
EOM GU HO, DIRECTOR, ASIA-PACIFIC RESEARCH CENTER:
- After the signing of the document, the value of the Caspian Sea has significantly increased because of the successful exploration of the Kashagan field and the high chances of the construction of oil pipeline from Turkmenistan and Kazakhstan to Turkey.
Members of the Latvian Parliament highlighted that the Convention on the Legal Status of the Caspian Sea signed by the five leaders at the Aktau Summit is an important historical event that will contribute to the development of relations among the signatories.
SERGEI POTAPKIN, MEMBER OF LATVIAN PARLIAMENT:
- We believe that it will be a fundamental document for the development of the entire region. It will form a basis for faster infrastructural development as well as investments attraction and the stable and safe co-existence of the countries.
ANDREI KLEMENTYEV, MEMBER OF LATVIAN PARLIAMENT:
- In my opinion, the countries demonstrated their political will by signing this agreement. I think it is good that they agreed on military presence as well. It will contribute to the economic development of the region. I believe that the agreement was signed to address the interests of all five countries that will fully observe the clauses of this document.