The Energy Charter Treaty (ECT) is an international agreement which establishes a multilateral framework for cross-border co-operation. The treaty covers all aspects of commercial energy activities including trade, transit, investments and energy efficiency. The treaty is legally binding, including dispute resolution procedures.
Originally, the Energy Charter process was based on integrating the energy sectors of the Soviet Union and Eastern Europe at the end of the Cold War into the broader European and world markets. Its role however extends beyond East-West cooperation and through legally binding instruments strives to promote principles of openness of energy markets and non-discrimination to stimulate foreign direct investments and cross-border trade.
Awards and Settlements of the international arbitrations put forward by breaking the law of the Energy Charter Treaty are often in hundreds of millions of dollars. Often high-profile law firms are hired to represent investors and the states. Firms reported to be representing a party at court under the ECT include Allen & Overy, DLA Piper, Latham & Watkins and other high profile commercial law firms.
Read more about Energy Charter Treaty: History, Legal Scope of The Treaty, Membership, Energy Charter Conference, Secretariat
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