Deputy Foreign Minister of Turkmenistan Vepa Hajiyev and Ambassador Extraordinary and Plenipotentiary of the European Union to Turkmenistan Diego Ruiz Alonso in a meeting in Turkmen Foreign Ministry on Friday focused on the issues of modernization process of the Energy Charter Treaty.
During the meeting, the sides discussed the current state and prospects of cooperation between Turkmenistan and the European Union, the Turkmen Foreign Ministry said in its press release.
Among the key aspects of the ECT’s modernization are the investment component and financing, sustainable development and legal issues, according to the statement.
During the meeting, the Turkmen Deputy Foreign Minister and the EU Ambassador also voiced the parties' interest in harmonizing the Energy Charter Treaty with the goals embedded in the Paris Agreement on climate change.
As a party to the Treaty, Turkmenistan is involved in the negotiation process on its modernization in close coordination with partner countries. The decision to start discussions on its modernization was made at the Ashgabat ECT conference in November 2017.
The Energy Charter Treaty is an international investment agreement that establishes a multilateral framework for cross-border cooperation in the energy industry. The Treaty covers all aspects of commercial energy activities including trade, transit, investments and energy efficiency.