On August 11 12, 2019, the First Caspian Economic Forum was held in Turkmenbashi city, Turkmenistan.
Various international events were organized in the framework of the Forum, on the outcomes of which the following was stated:
The role of the Convention on the Legal Status of the Caspian Sea signed by the Heads of States of Azerbaijan, Iran, Kazakhstan, the Russian Federation and Turkmenistan on the results of the Fifth Caspian Summit held in the city of Aktau, Kazakhstan on August 12, 2019 which creates the conditions for the advancement of cooperation between the Caspian region to a qualitatively new partnership level was underlined;
Recognized that the Agreement between the Governments of the Caspian Littoral States on TradeEconomic Cooperation and the Agreement between the Caspian Littoral States on Cooperation in the field of Transport contribute to further strengthening and development of collaboration between the littoral states in the economic sphere;
Noted that the Caspian Economic Forum platform can become a vital form of cooperation aimed at providing economic growth in the region and beyond its borders;
The necessity of increasing the potential in the area of trade and investment policy, as well as easing the trade process and export supplies potential for the benefit of trade and investments in the Caspian region is highlighted;
It is recognized that the countries of the Caspian region and all the stakeholders, including the private sector, associations and academic circles can maintain active dialogue on the issues of leading practice and measures related to the implementation of goals for ensuring development of economic contacts;
The significance of active participation and assistance on the part of international and financial institutions in the development of international economic cooperation in the Caspian was stated;
The need to unite the efforts for the attainment of considerable potential of the Caspian littoral states' economic sectors was accepted;
Based on the abovementioned, the implementation of the following actions is recommended:
1. Take the necessary steps for the enhancement of attractiveness of the Caspian littoral states' economies with the aim of further active integration of the Caspian region in the international economic space;
2. Encourage the attraction of investments and stimulate innovations in the energy, industry, transport, trade and other spheres of the Caspian littoral states' economies;
3. Ensure further strengthening of regional cooperation in such areas as social and economic development, environment protection, science and innovations, exchange of economic information;
4. Strengthen cooperation and coordination between the Caspian region and the United Nations' system, including the regional UN commissions;
5. Hold the Caspian Economic Forums on regular basis in the littoral cities of the Caspian states.
The participants of the Forum expressed gratitude to the Government of Turkmenistan for highlevel organization of the Frist Caspian Economic Forum and hospitality shown.
Source: Turkmenistan: the Golden Age Online Newspaper