Speaking at the extended high-level talks, President Gurbanguly Berdimuhamedov highlighted the importance of Turkmen – Russian cooperation in bilateral and multilateral formats as important factor of making Caspian Sea to the place of peace, good-neighbourliness, harmony and beneficial partnership. Plenty has been done in this direction recently. Joint work for Convention on the Status of Caspian Sea is coming to an end, President Gurbanguly Berdimuhamedov said, having expressed his hope that it would be signed at the next V Summit of Caspian States. Today, the role of Caspian Basin as large transportation hub is growing significantly. This is a strategic vector that opens perspectives of consolidation of trade and economic relations both between Caspian states and under the context of exit to external markets. Transport component of cooperation requires solid legal base. In this regards, Turkmenistan stands for adoption of pentalateral agreements on trade and economic and transport cooperation in Caspian Sea and hopes that these documents will be signed at the V Summit of Caspian States. Turkmenistan also thinks it is important to continue constructive and good-neighbourly cooperation under the Commonwealth of the Independent States.