At the same time, the regional powers also have legitimate concerns and interests in the region, with the varying degree to which the region directly affects the national interest of those powers. It is clear that the immediate neighbors of the South Caucasus countries, Russia, Turkey, and Iran, as well as the United States have a stake in ensuring stability and long-term development of the region, and development of its economic resources. We also acknowledge that the European Union views this region as the political if not cultural extension of the European region. Armenia, Azerbaijan, Georgia, as well as Turkey and Russia aspire to join the European institutions. The interactions between the regional powers and countries of the region, the ever-competing and interdependent nature of many of such interactions, and the complex history of the region are the foundation on which the security of the South Caucasus region resides now.
Regional conflicts present a threat to stability and economic development of the whole region.
Nagorno Karabakh conflict is perhaps the most complex and unresolved issue in the South Caucasus, and certainly the oldest, at thirteen years and counting. The cease-fire has been in effect since May 1994, and the parties have been in search of a peaceful settlement ever since. Armenia is committed to a peaceful solution of the conflict, which will guarantee security and well being of the people of Nagorno Karabakh. We realize that the settlement will have to involve serious compromises by all parties. We welcome the leading role of the OSCE Minsk Group Co-chairs in helping the parties negotiate such a settlement.