The Turkish parliament has ratified the 103-year-old Svalbard Treaty, which allows parties to buy property and receive residence permits in the northern archipelago. Turkish citizens can now benefit from the privilege of living and engaging in commercial activities in the Arctic region near the North Pole, Hürriyet Daily News reports.

With the Treaty ratification, Turkish citizens acquire "equal rights to fish and harvesting". Turkish companies can also set up businesses in shipping, industry, mining and trade.

In addition, Turkey, which previously established a temporary science research station on Horseshoe Island in Antarctica, plans to establish a science station in Svalbard.

Under the Svalbard Treaty, although Norway retains full and absolute sovereignty over the archipelago and its territorial waters, the Treaty extends equal rights to the citizens of the signatory states in specified areas.

The Svalbard Treaty, also known as the Paris Treaty, was signed in Paris on February 9, 1920.

Also read the publication:
Chinese Container Ship Completed Round Trip via NSR