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 | |
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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
Gargano and Shannon following the signing of the BIT. | |
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State's Shannon speaks with President Vazquez of Uruguay. | |
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Photos courtesy of the Presidency
of Uruguay
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PHOTO GALLERY
