New Delhi: The Permanent Court of Arbitration at Hague in Netherlands has awarded Bangladesh 19,467 sq km out of total 25,602 sq km disputed area with India in the Bay of Bengal.
While the verdict was termed as "win-win" situation by Bangladesh, India said it was "studying" the "full implications" of the verdict by the arbitration tribunal.
"The Arbitration Tribunal for Delimitation of Maritime Boundary between Bangladesh and India, established under Annex VII of the UN Convention of Law of the Sea (UNCLOS), rendered its award on July 7, 2014.
"We respect the verdict of the Tribunal and are in the process of studying the award and its full implications," the Spokesperson in the External Affairs Ministry said here.
"We believe that the settlement of the maritime boundary will further enhance mutual understanding and goodwill between India and Bangladesh by bringing to closure a long pending issue. This paves the way for the economic development of this part of the Bay of Bengal, which will be beneficial to both countries," the Spokesperson said.
Meanwhile, Bangladesh described the verdict a "win-win" situation for the parties as it resolved a long-standing bilateral conflict.
"By finally resolving a problem that had been an issue in the side of bilateral relations for so long and by doing so peacefully and according to international law, the award (judgement) enables both sides to move forward confidently into a new future and to build a new era of understanding and cooperation in the maritime sector," Foreign Minister AH Mahmood Ali said in Dhaka.