    [Public Papers of the Presidents of the United States: George W. Bush (2003, Book II)]
    [December 9, 2003]
    [Page 1703]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 1703]]

    Message to the Senate Transmitting the Additional Protocol to the
    Romania-United States Investment Treaty
    December 9, 2003

    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 incompatibilities
    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.