Caspian Sea countries sign deal on peace, development
After 20 years of discussion, the five countries surrounding the Caspian Sea finally reached a deal to reduce tensions and turn the place into an area with major economic opportunities. With the size of Japan, the Caspian Sea is actually the world’s largest lake, and is home to some of the planet’s most promising oil and gas fields.
The agreement was signed by the leaders of Kazakhstan, Azerbaijan, Turkmenistan, Iran, and Russia on Sunday (Aug. 12) at the Kazakh port of Aktau. The five countries, which took part in the 5th Caspian Summit, discussed regional cooperation in ecology, energy, transport, and trade.
While talking about the deal, Kazakh President Nursultan Nazarbayev highlighted that the countries surrounding the lake should commit to the fight against the activities that may destabilize the political and economic atmosphere in the region. “The summit meeting was held at the perfect time for the making of decisions that last forever,” the president said.
In his view, the pact approved by the five countries should boost trade, encourage investment, and ban illegal fishing in the Caspian Sea.
The main topics approved in the deal include the construction of submarine gas pipelines for the transport of hydrocarbons, the setting of quotas for fishing in each country, and a veto on any military presence from outside of the Caspian Sea in the area.
In attendance at the 5th Caspian Summit were political leaders Nursultan Nazarbayev, from Kazakhstan; Ilham Aliyev, from Azerbaijan; Gurbanguly Berdimuhamedov, from Turkmenistan; Hassan Rouhani, from Iran; and Vladimir Putin, from Russia.
