Economic Relations of the Caspian Sea Countries

Orman Sultanli ()

International Trade and Trade Policy, 2020, issue 4

Abstract: The article deals with the economic and political contradictions of the Caspian region. The first and most significant step towards building mutually beneficial cooperation between the five countries located on the Caspian sea coast was the signing of the Convention on the legal status of the Caspian sea of 12 August 2018 (the Convention), which defined the common interests of the countries in economic and security issues. This is only the beginning of a successful regional cooperation. Nevertheless, favorable conditions have already been created for the deepening of mutually beneficial economic cooperation and the development of new transit and transport infrastructure. Despite certain aspects of competition in the international hydrocarbon market, the countries of the Caspian region can form a joint production infrastructure based on joint concession megaprojects in order to ensure the export of petroleum products with a high share of added value. This aspect, as well as common interests in the field of security and preservation of the Caspian sea ecosystem, can become the Foundation for the creation of a new regional Association of countries. The article reveals the main issues that can be resolved through the implementation of joint mutually beneficial regional projects. In economic terms, the main obstacle is the competition of the countries of the region in the Chinese hydrocarbon market. Taking into account the capacity and potential of this market, the transition from the positions of competitors to the positions of joint supplies could be ensured by the creation of a single processing production interstate cluster.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acl:journl:y:2020:id:338

DOI: 10.21686/2410-7395-2019-4-145-156

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