Nazarbayev suggests creating Caspian free trade zone

Nursultan Nazarbayev suggested creating a Free Trade Zone for Caspian countries, Tengrinews reported from the 4th Caspian Summit in Astrakhan on September 29.

"Given the current state of the world market, we can consider the possibility of rapprochement of our economies and growth of mutual trade. Even before resolving the legal status of the Caspian Sea we can lay the foundation for economic cooperation. I propose considering establishment of a Caspian free trade area. This question can be one of the first substantive debates on the level of our governments," the President of Kazakhstan said.

As for the Convention on the Legal Status of the Caspian Sea, Nursultan Nazarbayev expressed his opinion that its adoption would take place in the near future, laying thereby a solid legal foundation for deepening cooperation in the Caspian region.

"Together we will create a document for the future generations that will firmly entrench relations of friendship and good-neighborliness in the Caspian Sea," Nazarbayev said.

"We are close to establishing a just legal regime on the Caspian Sea. This opens up great prospects in relations of our countries. Important to understand is that the Caspian Sea is a sea of opportunities," Nazarbayev said.

The countries established national sovereignty zones of 15 nautical miles off their coasts. In addition, another 10 nautical miles are to be used for fishing.

Following the talks, the countries also concluded an agreement on cooperation in the field of hydrometeorology of the Caspian Sea, an agreement on cooperation in the field of prevention and liquidation of emergency situations in the Caspian Sea and an agreement on preservation and sustainable use of marine biological resources of the Caspian Sea.

Nazarbayev said that the next Caspian Summit would take place in Kazakhstan.

Reporting by Renat Tashkinbayev, writing by Dinara Urazova