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Uruguay-U.S. To Sign Bilateral Investment Treaty

Agreement to be sealed November 4 in Mar del Plata

Posted: November 3, 2005

The United States and Uruguay announced yesterday their intention to sign the Bilateral Investment Agreement (BIT) between the two countries on Friday, November 4, during the Fourth Summit of the Americas in Mar del Plata, Argentina.

Initially signed October 25, 2004 under the previous Uruguayan administration (see related article), the agreement would not be ratified following the presidential elections of November 2004. Objecting to some of the provisions of the treaty, the new government opened a round of negotiations in order to amend certain clauses. "Both countries negotiated in good faith and in a positive frame of mind, we've reached an agreement that will benefit both parties," stated U.S. Chargé D'Affaires James Nealon, announcing that a final agreement was reached November 2, 2005.

Uruguayan Foreign Affairs Minister Reinaldo Gargano and Assistant Secretary of State Thomas Shannon will be signing the BIT in Mar del Plata, Argentina, on the opening day of the Fourth Summit of Americas, November 4, 2005.

 

 

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