Kazakhstan’s President Nursultan Nazarbayev has suggested establishing a free trade zone involving Russia, Azerbaijan, Iran, Kazakhstan and Turkmenistan; all bordering the Caspian Sea and oil-rich.
Nazarbayev suggested the idea at the fourth Caspian Summit, where leaders from the five countries have gathered in Astrakhan, Russia, on Monday.
“Taking into consideration the situation on the world market, we could investigate the possibility of bringing the economies of our countries closer to involve mutual trade. Before regulating the legal status of the Caspian [Sea] we may lay down the foundations for mutual economic activities. I suggest looking into the suggestion of creating a Caspian free trade zone,” Nazarbayev said, as quoted by RIA Novosti.