Futile negotiation processes over water allocation and related disputes over water rights in the Euphrates-Tigris river basin demonstrate that there is a need to create new cooperative frameworks that enable links between cooperation and development. Hence, this chapter commences with the description of the origins and the evolution of the dispute in the region. There are discussions on the merits of the principle of 'equitable utilization' and I the needs-based approach' with a specific reference to the Three Stage Plan of Turkey. After analyzing the limitations and shortcomings of existing water allocation mechanisms a more workable solution of 'sharing the benefits rather than sharing the water itself' is put forward. The joint Technical Committee meetings are reviewed, suggesting the broadening of its agenda.