(Bloomberg) — The U.S., Russia, Canada, Norway and Denmark, the countries bordering the Arctic Ocean, pledged to honour international law and work to reduce tension as they all seek ownership of natural resources in North Pole waters.

The five countries will work for an "orderly settlement" of their claims, their governments said in a joint declaration after concluding a two-day summit in Ilulissat, Greenland.

"We're sending a signal to local populations and the rest of the world that we will act responsibly," Denmark's Foreign Minister Per Stig Moeller said in a statement. "Hopefully we will once and for all kill the myth that there's a `race for the North Pole' going on."

The area of the Arctic shelf may hold 10 billion tons of oil equivalent, as well as gold, nickel and diamonds, according to Russia.

A Russian mini submarine planted a flag beneath the polar cap in Augist, a move Danish Science Minister Helge Sander at the time called a "joke".

Canada responded by saying it would move troops to its north to assert Arctic sovereignty.

The meeting was attending by U.S. Deputy Secretary of State John Negroponte, Canada's Natural Resources Minister Gary Lunn, and foreign ministers Sergei Lavrov of Russia, Jonas Gahr Stoere of Norway, as well as Denmark's Moeller.

The Danish claim to North Pole waters is linked to its semi-autonomous territory of Greenland, whose Prime Minister, Hans Enoksen, also attended.

Under the United Nations Law of the Sea convention, countries have rights to economic zones in the Arctic Ocean within 200 miles of their shores.

The UN will accept scientific data from the five countries until 2014 and then decide on the ownership.

"We remain committed to this legal framework and to the orderly settlement of any possible overlapping claims," the declaration said.

The five countries also pledged to take on a "stewardship role" in protecting the Arctic ecosystem as melting ice gradually frees sailing lanes and increases Arctic marine traffic.

Through the UN's International Maritime Organisation they will "develop new measures to improve the safety of maritime navigation and prevent or reduce the risk of ship-based pollution in the Arctic Ocean," they said.