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Caspian Sea Convention to promote investment attractiveness

Caspian Sea Convention to promote investment attractiveness Legal Issues

The Convention on the Legal Status of the Caspian Sea will contribute to the growth of investment attractiveness of the coastal countries, Russian Foreign Ministry spokeswoman Maria Zakharova said at a press conference

"The Convention on the Legal Status of the Caspian Sea, signed this year in Aktau, contributes to the strengthening of stability and predictability in relations between the Caspian countries, creation of favorable conditions for expansion of mutually beneficial cooperation, creation of clear legal situation in the region as a whole,” she said.

Zakharova noted that the provisions of the Convention regulate the determination of boundaries of territorial waters and other issues that are vital for coastal countries.

“We are confident that this document, as it has been repeatedly emphasized, will contribute to the growth of economic cooperation, investment attractiveness, competitiveness of the Caspian countries, the implementation of joint projects aimed at accelerating development and fully disclosing potential in the most advanced spheres,” Zakharova said.

An increase in predictability and a decrease in various risks in one of the most important areas of Eurasia are beneficial to all, she added.

The Caspian Convention establishes exclusive rights and responsibilities of the five littoral states on the fate of the unique water basin.

The so-called "Constitution" of the Caspian Sea was signed in August at the fifth Summit of Heads of the Caspian littoral states in Aktau after 22 years of systematic talks.

Convention gives Caspian "a special legal status" - it was declared neither lake nor sea. If viewed as a sea, the Caspian basin would be subject to the International Maritime Law, and rights to use the Caspian Sea wouldn't be limited to the coastal countries. This is definitely against the interests of Russia and Iran in the region. On the other hand, as a lake, its area would be divided equally between the five countries, and this leads to controversy in the distribution of hydrocarbon reserves.

According to the Convention, water surface remains in common use for all coastal countries, with states granted jurisdiction over 15 nautical miles of water from their coasts and fishing rights over an additional ten miles.

The seabed, rich in natural resources, is divided between neighboring countries in accordance with international law, based on the agreement of the neighboring states.

The provision on the inadmissibility of third-party armed forces in the Caspian Sea can be regarded as one of the key points of the Convention.

The convention also permits the construction of pipelines, which only require the approval of the countries whose seabed they pass. At the same time, such projects should comply with environmental safety.

The signing of the Convention has been regarded as a triumph of multilateral diplomacy by the international community and the world media.

The cooperation between Caspian states based on convention is expected to accelerate energy projects, allowing the implementation of the Trans-Caspian Pipeline that is the most crucial one.

source : AzerNews

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