[Weekly Compilation of Presidential Documents Volume 36, Number 37 (Monday, September 18, 2000)]
[Page 2053]
[Online from the Government Publishing Office, www.gpo.gov]
<R04>
Message to the Senate Transmitting the Protocol Amending the Panama-
United States Investment Treaty With Documentation
September 12, 2000
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 Protocol Between the Government of
the United States of America and the Government of the Republic of
Panama Amending the Treaty Concerning the Treatment and Protection of
Investments of October 27, 1982. This Protocol was signed at Panama
City, on June 1, 2000. I transmit also, for the information of the
Senate, the report of the Department of State with respect to this
Protocol.
The 1982 bilateral investment treaty with Panama (the ``1982
Treaty'') was the second treaty to be signed under the U.S. bilateral
investment treaty (BIT) program. The 1982 Treaty protects U.S.
investment and assists Panama in its efforts to develop its economy by
creating conditions more favorable for U.S. private investment and
thereby strengthening the development of its private sector.
As explained in the Department of State's report, the Protocol is
needed in order to ensure that investors continue to have access to
binding international arbitration following Panama's 1996 accession to
the Convention on the Settlement of Investment Disputes Between States
and Nationals of Other States, done at Washington, March 18, 1965 (the
``ICSID Convention''). The Protocol provides each Party's consent to
international arbitration of investment disputes under the 1982 Treaty
before the International Centre for the Settlement of Investment
Disputes, established under the ICSID Convention. The Protocol also
provides for arbitration in accordance with the Arbitration Rules of the
United Nations Commission on International Trade Law. The Protocol thus
facilitates the use of such procedures by investors of the Parties to
resolve investment disputes under the 1982 Treaty. The Protocol also
sets forth each Party's consent to ICSID Additional Facility
arbitration, if Convention Arbitration is not available. Convention
Arbitration would not be available, for example, if either Party
subsequently ceased to be a party to the ICSID Convention.
I recommend that the Senate consider this Protocol as soon as
possible, and give its advice and consent to ratification of the
Protocol at an early date.
William J. Clinton
The White House,
September 12, 2000.