Azernews.Az

By Nigar Orujova

Russian Astrakhan will hold a five-sided business forum of the Caspian littoral state on September 29, the Azerbaijani Fund of Export and Investment Promotion (AZPROMO) reported.

"The event will be supported by the Azerbaijan's Economy and Industry Ministry and AZPROMO organization within the framework of the fourth summit of the heads of Caspian-littoral states. Azerbaijani entrepreneurs are invited to participate in this event," AZPROMO said.

The statement notes that Azerbaijani entrepreneurs will have the opportunity to establish business contacts and find business partners within the framework of the event, which will be held with the participation of the companies representing Russia, Azerbaijan, Iran, Kazakhstan and Turkmenistan.

The trade turnover between Azerbaijan and Russia amounted to $1.086 billion in January-July 2014, while turnover of Azerbaijan with Iran reached $114.65 million, with Kazakhstan - $175.93 million, and with Turkmenistan - $22.37 million, the State Customs Committee said.

Agreement to hold the summit of heads of the Caspian littoral states in Astrakhan was reached by the countries in March.

The Caspian Sea littoral states signed Tehran Convention, Framework Convention for the Protection of Marine Environment of the Caspian Sea, in November 2003.

The Framework Convention was the first legally binding regional agreement signed by all the five Caspian littoral states, laying out general requirements and an institutional mechanism for environmental protection in the resource-rich Caspian region.

Turkmenistan ratified the Tehran Convention in August 2004. The convention entered into force on August 12, 2006, after being ratified by all the Caspian Sea countries. While the legal status of the sea is still a matter of discussion among the littoral states.

Azerbaijan, Kazakhstan, and Russia agreed on the delimitation of the sea in early 2000, the other littoral states -Turkmenistan and Iran- have not reached a consensus yet.