Progress in ratification of Energy Charter Treaty
Mr. Christos Papoutsis, Commissioner responsible for energy policy, has highlighted progress made to date in the ratification of the European Energy Charter Treaty and called for further efforts to be made to complete the ratification process as soon as possible. The Energy Charter Treaty, a legal framework for long-term cooperation, protection of investment and open trade in the energy sector, was signed on 17 December 1994 by 49 countries and the European Union. Signatory countries include the 15 EU Member States, the Russian Federation and the New Independent States, the Central and East European countries, and other members of the OECD. To date, 29 signatories have completed the ratification process, including the EU and 12 of its Member States. Three EU Member States (Belgium, Ireland and France) have not yet ratified, but the ratification procedures are well underway in the national Parliaments. The EU attaches great importance to the speedy implementation of the Treaty and Commissioner Papoutsis expressed his hope that all signatories, including the Russian Federation, which have not yet completed their national ratification procedures will soon do so. The Commissioner stressed that: "The Energy Charter Process will not be successfully completed, and live up to initial expectations, as long as the Treaty has not been ratified by all signatory countries and in particular the Russian Federation. That is the reason why today, although I am pleased with the progress which has been achieved, I am not yet fully satisfied."