The availability and security of energy sources plays a major role in the development and politics of Northeast Asia, where some countries are major energy producers and others are consumers. Oil, coal, natural gas, and wind power are all significant sources of energy in the region. Close cooperation and policy integration in the energy sector will generate benefits for all parties in the region. In this regard, the GTI Energy Board was established to address regional energy issues on a policy and strategy basis while also including private sector expertise and resources.
The GTI seeks to establish an institutional framework for consultations and policy support in the energy sector at government level for member countries. This framework should provide the opportunity for a full exchange of information among member governments and the private sector and lay the basis for reducing or removing non-physical barriers to energy trade in the GTR.
The following objectives have been identified for cooperation in the energy sector:
• Enhance energy policy coordination and cooperation;
• Reduce non-physical barriers for energy trade and investment in the GTR; and
• Promote exchange of information on energy among member countries.