Nazarbayev spoke about the role of the Convention on the Caspian sea in increasing trade turnover

© RIA Novosti / Sergey Goneeverything in potamocorbula Nazarbayev at the ceremony of the heads of States-participants of the fifth Caspian summit in Aktau. 12 Aug 2018Nazarbayev spoke about the role of the Convention on the Caspian sea in increasing trade turnover© RIA Novosti / Sergey Goneeverything the image Bank

The President of Kazakhstan, Nursultan Nazarbayev, said that the coastal countries should use the Convention on the legal status of the Caspian sea to stimulate trade and economic relations.

In the Kazakh city of Aktau held a meeting of leaders of Russia, Azerbaijan, Kazakhstan, Turkmenistan and Iran, the results of which will be signed for the region historical document — the Convention on the status of the Caspian sea, worked on it for 22 years.

«We need to make full use of the opportunities of the Convention and of the documents signed to promote trade and economic relations of coastal States. Despite the fact that in 2017, the trade turnover between our countries increased by 12%, but in comparison with the previous year, in the five-year cut, for various reasons it is still observed a significant reduction of mutual trade,» — Nazarbayev said, opening a meeting of leaders of the Caspian countries.

In his words, «signed today an intergovernmental agreement on trade and economic cooperation mechanism laid down a five-sided meeting of Ministers of economy».

«I consider it expedient to hold such meetings on a regular basis, with special attention to those consultations should be given to expanding the range of goods in mutual trade between the two countries. With the development of industries in our countries today on a mutually beneficial basis we can replace each other many kinds of products, which we replaced at the expense of the far abroad», — said Nazarbayev.