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United States and Uruguay Sign Bilateral Investment Treaty

Reflects U.S. commitment to stronger trade and investment ties

Posted: November 5, 2005             PHOTO GALLERY Related material: "The Opportunity Summit" (by Thomas A. Shannon)  
Related article: Summit of the Americas accomplishments  

President George W. Bush, U.S. Ambassador to Argentina Lino Gutierrez and President Tabare Vazquez of Uruguay meet during signing of BIT in Mar del Plata, November 4, 2005. More photos

The signing of a bilateral investment treaty on November 4 between the United States and Uruguay at the Summit of the Americas reflects U.S. determination to strengthen both trade and investment ties with willing partners, according to the State Department.

The treaty, which is subject to ratification by both countries, will provide greater confidence to U.S. and Uruguayan investors, the State Department said.

Following is the text of the statement released by the Department of State:

(begin text)

U.S. DEPARTMENT OF STATE
Office of the Spokesman
November 4, 2005

United States and Uruguay Sign Bilateral Investment Treaty

Assistant Secretary of State for Western Hemisphere Affairs Thomas A. Shannon and Uruguayan Foreign Minister Reinaldo Gargano signed today, November 4, a U.S.-Uruguay bilateral investment treaty (BIT) at the Summit of the Americas in Mar del Plata, Argentina.

The signing reflects the Bush Administration's determination to strengthen trade and investment ties with willing partners such as Uruguay. It reflects the commitment of the United States to create new economic opportunities together with those countries in the hemisphere that are willing to help themselves by implementing sound economic policies.

The agreement will provide greater confidence to U.S. and Uruguayan investors, enhancing the investment climate in a way that can contribute to economic growth and prosperity. The United States is Uruguay's largest trading partner, and the stock of U.S. foreign direct investment in Uruguay was $533 million in 2004.

The treaty is subject to ratification by both countries. As a treaty, the BIT requires the approval of the U.S. Senate. The Department of State and the Office of the U.S. Trade Representative share responsibility for BIT negotiations.

(end text)

A transcript of the remarks by Minister Gargano and Assistant Secretary Shannon following the signing of the BIT in Mar del Plata, available in Spanish on the Uruguayan Presidency website.

  PHOTO GALLERY

Uruguayan Foreign Minister Reinaldo Gargano and Assistant Secretary of State for Western Hemisphere Affairs Thomas A. Shannon sign U.S.-Uruguay bilateral investment treaty (BIT) at the Summit of the Americas in Mar del Plata, Argentina, November 4, 2005.


Gargano and Shannon following the signing of the BIT.

State's Shannon speaks with President Vazquez of Uruguay.


  Photos courtesy of the Presidency of Uruguay

 

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