But Dubnow said an agreement on the division of the seabed “will, in my opinion, take years, not months.” 2. In its fishing zone, each Contracting Party shall have the exclusive right to harvest aquatic living resources in accordance with this Agreement, the separate agreements concluded by the Parties on the basis of the Convention and its national legislation. 1. Disputes and disputes concerning the interpretation and application of this Convention shall be settled by the Parties through consultations and negotiations. Ultimately, the Caspian Sea will always be taken into the interests of the five riparian countries and these five states, although they often agree, have different interests in several important areas. (10) the right to free access from the Caspian Sea to other seas and the ocean, in accordance with universally recognized principles and standards of international law and agreements between the parties concerned, with due regard to the legitimate interests of the transit party, in order to promote international trade and economic development; If it is considered to be “sea”, the United Nations Convention on the Law of the Sea (UNCLOS) would apply. Each coastal State would have a coastal sea of up to 12 nautical miles, an exclusive economic zone (EEZ) and a continental shelf. The limits of the AEZ would be set on the basis of a median line. If it is a “lake”, international law would apply to border lakes, with legal agreements between neighbouring states governing the use of water.
1. The sectoral delimitation of the seabed and subsoil of the Caspian Sea shall be carried out by the agreement between neighbouring and opposing coastal States, taking due account of generally recognized principles and norms of international law, so that those States may have their sovereign rights to the exploitation of the subsoil and other legitimate economic activities related to the development of the resources of the seabed and the seabed. The sensitive issue of the distribution of hydrocarbon-rich subsoil has been narrow. Cairat Abdrakhmanov, Kazakh Minister of Foreign Affairs, read in the Convention document: “The methodology for defining the baselines of the State is defined in a separate agreement between all parties, in accordance with this Convention on the Legal Status of the Caspian Sea. This is a key word, particularly important for our Iranian partners. Another important factor is that the boundaries of the seabed have yet to be negotiated (although they are now the subject of bilateral agreements, not multilateral agreements as before). “Banning foreign military presence in the Caspian Sea is at the heart of this agreement,” said Iranian political scientist Amir Taheri of DW. “The fact that Iran has approved this deal currently shows a weak geopolitical position of Tehran,” the expert added. Of increased potential importance for Western energy companies, the agreement establishes rules for the construction of large cross-border projects such as a trans-Caspian gas pipeline. This means that there are, at least officially, no political obstacles to this long-debated project and that its implementation depends solely on economic and security factors. Only then will the five riparian countries have ratified it. As expected, Azerbaijan, Turkmenistan and Kazakhstan were the first creators and ratified the agreement between December 2018 and February 2019. Ratification is under way in Russia.
In case of disagreement, the parties refer to the English text. The implementation of the agreements reached in Aktau should take place within one or two years. However, the success of the emerging opportunities will depend largely on the political will and willingness of participating countries and foreign companies to overcome the many political, technical and financial challenges and constraints. 1. The provisions of this Agreement may be amended or supplemented by mutual agreement between all Parties. Sunday`s agreement helps resolve this dispute. Following the summit, there are a few issues that still need to be worked out over the next few years. .