On August 11-12, 2019, the First Caspian Economic Forum was held in Turkmenbashi (Turkmenistan).

A number of international events were organized within the framework of the Forum, as a result of which the following was noted:

The role of the Convention on the legal status of the Caspian sea, signed by the Heads of state of Azerbaijan, Iran, Kazakhstan, the Russian Federation and Turkmenistan on the results of the Fifth Caspian summit on August 12, 2018, in Aktau (Kazakhstan), which creates conditions for the withdrawal of cooperation between the countries of the Caspian region to a qualitatively new partner level;

It is recognized that the Agreement between the governments of the Caspian states on trade and economic cooperation and the Agreement between the governments of the Caspian states on cooperation in the field of transport contribute to the further strengthening and development of cooperation of coastal States in the economic sphere;

It is noted that the platform of the Caspian Economic Forum can become an important form of cooperation aimed at ensuring economic growth in the region and beyond;

The necessity of capacity building in the field of trade and investment policy and trade facilitation and export supply capacity for trade and investment in the Caspian region was emphasized;

It is recognized that the countries of the Caspian region and all stakeholders, including the private sector, associations, and academia, can maintain an active dialogue on best practices and measures related to the implementation of the goals to ensure the development of economic contacts;

The importance of active participation and assistance of international organizations and financial institutions in the development of international economic cooperation in the Caspian Sea was noted;

It is recognized that it is necessary to combine efforts to realize the significant potential of the industries of the Caspian countries.

Based on the above, it is recommended to carry out the following actions:

1. Take the necessary steps to increase the attractiveness of the economies of the Caspian countries in order to further actively integrate the Caspian region into the international economic space.

2. Encourage investment and stimulate innovation in the energy, industrial, transport, trade and other sectors of the economy of the Caspian States.

3. To further strengthen regional cooperation in areas such as socio-economic development, environmental protection, science and innovation, and the exchange of economic information.

4. Strengthen cooperation and coordination between the countries of the Caspian region and the United Nations system, including the UN regional commissions.

5. To hold Caspian Economic Forums on a regular basis in the coastal cities of the Caspian States.

The participants of the forum expressed their gratitude to the Government of Turkmenistan for the high level of organization of the First Caspian Economic Forum and hospitality.

Turkmenbashi, Turkmenistan

12 August 2019