Dignitaries from five countries bordering the Arctic region met on Wednesday to discuss how their countries will split the region possibly rich in oil and minerals and other issues related to the problem.

The main reason of the daylong meeting, which took place in Ilulissat, Greenland, was at least to outline how they will deal with the exploitation of the Arctic region. The representatives of the United States, Russia, Canada Norway and Denmark issued the Illulissat Declaration which utters that the Arctic Ocean "stands at the threshold of significant changes."

The Illulissat Declaration was also issued to calm tensions over the probability that global warming will open northern waters to shipping, energy extraction.

"By virtue of their sovereignty, sovereign rights and jurisdiction in large areas of the Arctic Ocean, the five coastal states are in a unique position to address these possibilities and challenges," the declaration said.

The participants at the meeting agreed that there was no need to make new accords on Arctic matters. To solve the problem they will use the already existing international laws like the Law of the Sea Treaty to resolve disputes.

Denmark’s Foreign Minister Per Stig Moller said in a statement that the representatives of the five countries have "politically committed" to resolve their divergences in the region through negotiations, The New York Times reported

"And thus we have hopefully, once and for all, killed all the myths of a 'race to the North Pole.' The rules are in place. And the five states have now declared that they will abide by them," Moller said.