Edited by Kim Talus
Chapter 4: Multilateral and bilateral energy investment treaties: Do we need a global solution? The Energy Charter Treaty as an objective result of the evolution of international energy markets and instruments of investment protection and stimulation
There are two main factors that contributed to the creation of the Energy Charter Treaty (ECT): (i) the development of international energy markets to the stage where demand for transition to multilateral instruments of investment protection reached its 'critical mass', and (ii) the opening of the window of political opportunities for such multilateral cooperative efforts. So it was fortunate for the broader energy Europe that the economic and political developments coincided for the first time when and where they did. The events in the early 1990s, with the dissolution of the USSR and the COMECON system, the breakdown of the Berlin wall and the related events, provided a window of opportunity for East-West cooperation and the possibility to create an international law instrument to facilitate this type of transnational cooperation between the former ideological opposites in the major segment of their major economic relations.
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