Caspian Sea region to be center of trade relations between East and West again

Photo: Caspian Sea region to be center of trade relations between East and West again  / Turkey

Istanbul, Turkey, Dec.6
By Abbas Akhundov - Trend:

The Caspian Sea region will be a center of trade relations between East and West again, according to the declaration adopted as a result of the Third Caspian Forum that was held in Istanbul on Dec.4-5 and brought together the senior officials, representatives of companies and leading experts from all over the world.

"The geostrategic position of the Caspian Sea between East and West makes it a vital point of intersection of trade, transport and transit routes that were earlier called as "Silk Road". The Caspian Forum expresses confidence that with the development of transport and transit infrastructure in the region it will become a center of trade relations between East and West again, according to the declaration.

The forum emphasized the significance of the Caspian transit corridor for the diversification of the region's economy and for providing a more favorable transit route for the development of trade and investments in this vast territory frrom China to Great Britain covering Eastern Asia, Central Asia and Europe.

"The implementation of the Caspian transit corridor, will give impetus to the growth of GDP at least by 16-17 percent in the region and in the seven-year period up to 2020, its influence will be 50 per cent according to the Asian Development Bank. The Caspian Forum brought together the representatives of political circles who will create necessary conditions for the implementation of the future-oriented Caspian transit corridor," according to the document.

Alongside with the transport, energy is also considered as a factor of economic independence and an instrument linking the countries and ensuring the prosperity of the region.

"The Caspian Forum considers the Southern Gas Corridor project as the basis for this new perspective. The corridor's potential allows it to become a major corridor for transportation of not only Caspian energy resources, but also gas from fields in Eastern Mediterranean, Turkmenistan and northern Iraq. Transport and energy are the two main pillars redefining the Caspian Sea region," according to the declaration.

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