    [Public Papers of the Presidents of the United States: George W. Bush (2004, Book I)]
    [January 21, 2004]
    [Pages 101-102]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Message to the Senate Transmitting the Additional Protocol to the
    Bulgaria-U.S. Investment Treaty
    January 21, 2004

    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
    United States of America and the Republic of Bulgaria amending the
    Treaty Between the United States of America and the Republic of Bulgaria
    Concerning the Encouragement and Reciprocal Protection of Investment of
    September 23, 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 has already forwarded to the Senate a similar
    Additional Protocol for Romania and expects to forward to the Senate
    shortly Additional Protocols for 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 Bulgaria, in order to eliminate incompatibilities
    between certain BIT obligations and EU law. It also establishes a
    framework

    [[Page 102]]

    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 Bulgaria, with which the United
    States has an expanding relationship, and the protections it affords
    U.S. investors even after Bulgaria joins the EU. Without it, the
    European Commission would likely require Bulgaria 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,

     January 21, 2004.