Today I would like to share with you how the WTO can contribute to a more efficient allocation of energy resources and generally a better trading environment for energy.
Let me start by saying that today a large part of big world energy actors such as Russia, Iran, Kazakhstan, Ukraine, Iraq, Algeria or Libya are not yet WTO Members. Other big players such as Saudi Arabia and several other Gulf States, have just recently joined the organisation. It is therefore no surprise that energy has not been singled out as a specific sector of trade within WTO.
When the rules of the GATT - which preceded the WTO - were negotiated 60 years ago, opening trade in energy was not a political priority. World energy demand was a fraction of today's and you could buy a barrel of crude oil for 20$ at current prices.
So the rules of the WTO do not deal with energy as a distinct sector. Yet since our basic rules are applicable to all forms of trade, they also apply to trade in energy goods and services. And these rules can be enforced through the WTO dispute settlement mechanism even if they were not negotiated with energy in mind.
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