Iran advocates for the creation of collaborative free trade zones among the nations bordering the Caspian Sea, said the country's First Vice President Mohammad Reza Aref, Trend reports.

During his speech at the 3rd Economic Forum of the Caspian littoral countries' Prime Ministers in Tehran on February 18, Aref noted that all parties could engage in discussions to reach a final agreement on the creation of such zones.

"We believe that cooperation among the Caspian littoral countries and the decision of the five states will create the opportunity for the establishment of joint free trade zones. The Iranian side has officially sent the initial draft of a cooperation agreement to the littoral countries regarding the creation of free trade zones," he said.

The Iranian official also added that Iran is proposing the establishment of the "Caspian Littoral Countries' Littoral Provinces Union" to further develop economic and trade cooperation, considering the importance of coastal regions. Iran announced its readiness to hold the first meeting of this union in one of the coastal provinces in 2025.

To note, the Caspian Sea Countries Economic Forum is being held in Tehran on February 17-18, with the participation of Azerbaijan, Russia, Kazakhstan, Turkmenistan, and Iran.