EU - EITI cooperation
The Extractive Industries Transparency Initiative (EITI) is an international standard for improving transparency in countries'natural resource sector. It improves governance and accountability through the verification and full publication of company payments and government revenues from oil, gas and mining.
EU - EITI meeting 2010
Hosted by the European Commission, the EITI National Coordinators from the 33 EITI implementing countries met in Brussels 8-9 November 2010. The national coordinators are tasked with the day-to-day management of the EITI process in their countries and liaise regularly with the International Secretariat.
Alongside the meeting, the European Commission and the EITI International Secretariat organised an EU seminar on Tuesday, 9 November 2010. It was attended by the EITI National Coordinators and relevant Commission officials, notably Geographical Desks, in order to facilitate a closer EU-EITI cooperation on a country level.
Why is the EITI important?
EITI is considered to be an important instrument for development cooperation as it promotes transparency, domestic accountability and better governance in the extractive sector of our partner countries.
Better resource governance can bring about increased public revenues and a sound, predictable investment climate.
The African Union Commission (AUC) and the European Commission launched an Africa-EU Energy Partnership. The Joint Statement on the Energy Partnership states that transparency is necessary to improve private investment in the energy sector. The European Commission and the AUC therefore calls for more countries to become members of the EITI, and to develop transparency guidelines for companies in the extractive sector.