For Immediate Release
Office of the Press Secretary
December 9, 2003
Message to the Senate of the United States
With a view to receiving the advice and consent of the Senate to
ratification, I transmit herewith the Additional Protocol between the
Government of the United States of America and the Government of
Romania Concerning the Reciprocal Encouragement and Protection of
Investment of May 28, 1992, signed at Brussels on September 22, 2003.
I transmit also, for the information of the Senate, the report of the
Department of State with respect to this Additional Protocol.
My Administration expects to forward to the Senate shortly
analogous Additional Protocols for Bulgaria, the Czech Republic,
Estonia, Latvia, Lithuania, Poland, and the Slovak Republic. Each of
these Additional Protocols is the result of an understanding the United
States reached with the European Commission and six countries that will
join the European Union (EU) on May 1, 2004 (the Czech Republic,
Estonia, Latvia, Lithuania, Poland, and the Slovak Republic), as well
as with Bulgaria and Romania, which are expected to join the EU in
2007.
The understanding is designed to preserve U.S. bilateral investment
treaties (BITs) with each of these countries after their accession to
the EU by establishing a framework acceptable to the European
Commission for avoiding or remedying present and possible future
incompatibilities between their BIT obligations and their future
obligations of EU membership. It expresses the U.S. intent to amend
the U.S. BITs, including the BIT with Romania, in order to eliminate
incompatibilities between certain BIT obligations and EU law. It also
establishes a framework for addressing any future incompatibilities
that may arise as European Union authority in the area of investment
expands in the future, and endorses the principle of protecting
existing U.S. investments from any future EU measures that may restrict
foreign investment in the EU.
The United States has long championed the benefits of an open
investment climate, both at home and abroad. It is the policy of the
United States to welcome market-driven foreign investment and to permit
capital to flow freely to seek its highest return. This Additional
Protocol preserves the U.S. BIT with Romania, with which the United
States has an expanding relationship, and the protections it affords
U.S. investors even after Romania joins the EU. Without it, the
European Commission would likely require Romania to terminate its U.S.
BIT upon accession because of existing and possible future
incompati-bilities between our current BIT and EU law.
I recommend that the Senate consider this Additional Protocol as
soon as possible, and give its advice and consent to ratification at an
early date.
GEORGE W. BUSH
THE WHITE HOUSE,
December 9, 2003.
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