Turkmenistan representatives take part in the talks to modernize the Energy Charter Treaty
Representatives of a number of ministries and departments of our country, including the Ministry of Foreign Affairs, the Ministry of Finance and Economy, the Ministry of Justice, as well as the “Türkmengaz” State Concern take part in the first round of negotiations on the modernization of the Energy Charter Treaty (ECT), held in videoconference format by the Energy Charter Secretariat in Brussels (Belgium).
Earlier, the states - members of the Energy Charter Conference submitted their proposals for updating the Treaty. During the current meeting of the working group on the modernization of the ECT, the parties continued to discuss the main provisions of the draft of this document.
Among the main topics of discussions are the protection of investments in the energy sector. The meeting participants discussed a wide range of issues, including the role of the Energy Charter Treaty in creating an international investment regime, the specific features of investing in a new transit cross-border energy infrastructure, legal and commercial aspects of regulating partnerships between countries and other participants in energy projects.
In particular, it was underlined the importance of adapting the ECT to the modern requirements of the global energy sector, developing uniform rules that are obligatory for all participants and minimizing the risks associated with financial investments and energy trade.
In this context, it was emphasized the constructive nature of the initiatives put forward by President Gurbanguly Berdimuhamedov with the aim to establish a new global architecture of energy security, which today stands as the most important factor in the sustainable development of states, global peace and stability.
Currently, the ECT that unites dozens of countries in Europe and Asia, is the only multilateral agreement that addresses complex political, economic and legal problems associated with energy transit, including through interstate gas pipelines and power lines.
For Turkmenistan, which has initiated a number of major international projects in this area, these issues are of great importance.