The third session of authorised representatives of Caspian states, organized by the Foreign department of our country, the Ministry of Finances and Economy and the State Agency on Caspian Sea Affairs under the President of Turkmenistan, has started work at the Ministry of Foreign Affairs. During two-day session, the representatives of Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan will continue the work on the legal basis of long-term cooperation. Particularly, technical aspects of the Draft Agreement on Trade and Economic cooperation between Caspian States will be agreed. Previous meeting on this subject was held in Turkmen capital in April 2017. The draft of the discussed document was elaborated in accordance with the initiative of President Gurbanguly Berdimuhamedov proposed at the IV Summit of the Heads of Caspian States in Astrakhan (the Russian Federation) in September 2014. Back then, the Leader of the Nation highlighted that the countries of the region have to establish modern legal base of intergovernmental relations for further improvement. The participants of the current meeting highlighted that in the context of globalization of the world economy, Caspian Region plays bigger role in Eurasian space as one of the important geopolitical, trade and economic, energy, transport and communication centres. It makes the establishment of coordinated international cooperation based on clear legal standards and consideration of the interests of Caspian states more urgent. Taking into account huge natural resource, energy, industrial, transport and transit potential of the states of Caspian basin, there are all capabilities for considerable intensification of economic partnership and bringing of it to new level. President of Turkmenistan Gurbanguly Berdimuhamedov proposed number of topical initiatives from the high tribune of the United Nations and large international forums including the proposal on the establishment of permanent Caspian Economic Forum and on expansion of beneficial cooperation in strategic important transport sphere. The forum of such format is to support the arrangement of fruitful contacts with the world business community and competent international organizations opening big opportunities for productive partnership. Its session are to be held in turn in the coastal cities of Caspian states what will support regular constructive dialog considering the interests of each party. In this regard, large-scale projects aimed implemented by Turkmenistan and aimed at the formation of modern infrastructure, formation of international transport and transit corridors and stable logistic chains, expansion of the spectrum of transport services have been highly appraised, what gave new impulse of the activation of regional and interregional trade and economic relations. The legal document reviewed at the current session that regulates the above-mentioned spheres of the activity is to simplify and intensify the cooperation if the parties in the industry, agriculture, trade, tourism and other areas meeting the interests of the nations of the regional states and supporting sustainable development and the consolidation of friendship between neighbouring countries in Caspian Sea. Summing up the outcomes of the session, the participants mentioned great importance of presented Draft Agreement for the improvement of traditional relations between Caspian states, which have all capabilities for considerable intensification of the partnership in trade and economic sphere. The regional session is to continue the next day.