In September this year, it is planned to hold the second round of international negotiations on the modernization of the Energy Charter Treaty (ECT), conducted in the format of videoconferences. The participants will discuss in detail the provisions of the ECT related to the transit of energy resources, as well as the creation of a permanent mechanism for resolving disputes arising between states, investors and other parties to energy agreements and projects.

Representatives of a number of ministries and departments of our country, including the State Concern "Turkmengas", took part in the first round of negotiations held in the format of videoconferences by the Secretariat of the Energy Charter in Brussels. The parties discussed the legal protection of investments in the energy sector.

Currently, the Energy Charter Treaty is the only multilateral agreement that is aimed at solving complex political, economic and legal problems related to the trade of energy resources and their transit through interstate pipelines and power lines. It was signed by more than 50 states, including Turkmenistan, UK, the countries of the European Union, Azerbaijan, Kazakhstan, Turkey, Uzbekistan, Japan, etc.

At the same time, significant changes have taken place in the world, which put on the agenda the need to modernize the Treaty developed in the 90s. Issues related to the formation of a new international legal framework for cooperation in the energy sector were discussed at the International Energy Charter Forum "Towards a Multilateral Framework Agreement on the Transit of Energy Resources" and the 28th session of the International Energy Charter Conference, held in Ashgabat three years ago within the framework of chairmanship of Turkmenistan in this international organization.

Energy Charter Secretary General Urban Rusnak spoke about how the ECT modernization is progressing in a recent interview with Borderlex, a news agency for trade policy in the European Union (UK). He noted that a list of 25 topics has been drawn up to be discussed during official negotiations, which began in June this year. The rights and obligations of the parties to the Treaty should be re-evaluated in all areas: transit, investment, energy efficiency, trade. Moreover, decisions on each issue must be taken unanimously.

Rusnak also noted that environmental protection is an important aspect. The new Treaty should take into account that all parties to the Energy Charter have committed themselves to the Paris Agreement under the United Nations Framework Convention on Climate Change, which regulates measures to reduce carbon dioxide in the atmosphere from 2020.

“I expect that in one or two years a new Treaty will be concluded that will better reflect the interests of all stakeholders and positively influence the lives of millions of people,” stressed the Secretary General of the Energy Charter.