Energy Charter Treaty

29 European Energy Charter Title I: Objectives The signatories are desirous of improving security of energy supply and of maximising the efficiency of production, conversion, transport, distribution and use of energy, to enhance safety and to minimise environmental problems, on an acceptable economic basis. Within the framework of State sovereignty and sovereign rights over energy resources and in a spirit of political and economic cooperation, they undertake to promote the development of an efficient energy market throughout Europe, and a better functioning global market, in both cases based on the principle of non-discrimination and on market-oriented price formation, taking due account of environmental concerns. They are determined to create a climate favourable to the operation of enterprises and to the flow of investments and technologies by implementing market principles in the field of energy. To this end, and in accordance with these principles, they will take action in the following fields: 1. Development of trade in energy consistent with major relevant multilateral agreements such as GATT, its related instruments, and nuclear non- proliferation obligations and undertakings, which will be achieved by means of: - an open and competitive market for energy products, materials, equipment and services; - access to energy resources, and exploration and development thereof on a commercial basis; - access to local and international markets; - removal of technical, administrative and other barriers to trade in energy and associated equipment, technologies and energy- related services; - modernisation, renewal and rationalisation by industry of services and installations for the production, conversion, transport, distribution and use of energy; - promoting the development and interconnection of energy transport infrastructure; - promoting best possible access to capital, particularly through appropriate existing financial institutions;