Iran Joins the Economic and Commercial Cooperation Agreement Among the Caspian Coastal States

Nouraei & Mostafavi Law Offices – 14 January 2023- Tehran- Iran – The Speaker of the Iranian parliament (Majlis) has notified the law of the Economic and Commercial Cooperation Agreement Among the Caspian Coastal States to the President for execution. 

The law approved in the session dated 15 Azar 1401 (6 December 2022) of the parliament was published today in the Official Gazette. 

The Agreement contains 13 articles, and the Parties to the Agreement are the governments of the Republic of Azerbaijan, the Islamic Republic of Iran, the Republic of Kazakhstan, the Russian Federation, and Turkmenistan. The main areas of cooperation of the Parties are as follows:  

Article 1: According to the laws of their governments, the Parties shall take all necessary measures to promote and facilitate the expansion of commercial and economic cooperation between them based on equality of rights and mutual interests.

Article 2: The Parties in the fields of industry, agriculture, commerce, tourism, and other economic sectors of the Parties’ governments, which are of mutual interest, shall cooperate accordingly.

Article 3: The Parties, through consultation, shall agree on the manner of commercial and economic cooperation to realize cooperation in the areas specified in Article (2) of this Agreement.

Article 4- According to the laws of their governments, the Parties shall encourage the effective use of economic resources, including the following:

1) Implementation of joint investment programs and plans;

2) Exchange of experience in the field of creation and development of special Economic Zones, especially with specific goals, and Free Economic Zones;

3) Exchange of experience, national regulations, standards, rules, and statistical information in the commercial and economic sectors;

4) Cooperation in the field of the digital economy;

5) Development of cooperation between the regions and cities of the governments of the Parties;

6) Establishment of joint ventures;

7) Participation of organizations, companies, and merchants in international exhibitions and exhibitions to be held on the territory of the party governments, based on mutually accepted conditions.

Clause 2 of Article 13 stipulates: “This Agreement was concluded for an unlimited period. Accordingly, any party can withdraw from this Agreement by sending a written notification to the Trustee indicating its intention to withdraw. Twelve months from receipt of said notification by the Trustee, this Agreement will remain in force for that party..

This Agreement was drawn up in the city of Aktao on 12 August 2018 in one original version in Azeri, Kazakh, Russian, Turkmen, Farsi, and English, all of which are equally valid. In case of any difference in interpretation, the Parties should refer to the English text”.

 

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