[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.