Caspian Summit Signs security cooperation deal

Caspian Summit Signs security cooperation deal

2010-11-19 02:21:52 GMT+7 (ICT)

BAKU, AZERBAIJAN (BNO NEWS) -- The Caspian states of Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan on Thursday signed an agreement on security cooperation.

The agreement was signed by the presidents of the five Caspian littoral nations during their third summit. The Caspian summit was held in The Azerbaijani capital, Baku, and the leaders discussed a range of issues of common interests.

The five leaders met to discuss on the legal status of the Caspian Sea, regional economic cooperation and security issues. Russian President Dmitry Medvedev urged the other leaders to agree as soon as possible on the legal status of the Caspian Sea.

"The establishment of a new legal status of the Caspian Sea, which would correspond to modern geopolitical realities, is the perennial issue of all Caspian summits," Medvedev said. "We have carried out certain work, and we have reached an agreement in principle on a range of the most important issues."

In addition, the status of the oil- and gas-rich inland sea has been a source of disagreement between Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan since the collapse of the Soviet Union.

The five nations have still to agree on how the seabed will be divided. The Caspian Sea’s oil and gas reserves are believed to be the world’s third largest. The issue has also been a source of rivalry between Russia, Iran and the west.

Bilateral agreements exist between Russia, Azerbaijan and Kazakhstan to limit the bed of the northern part of the sea. Iran proposes dividing the sea into five equal parts, but Azerbaijan is against the initiative.

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