[Weekly Compilation of Presidential Documents Volume 40, Number 12 (Monday, March 22, 2004)]
[Pages 404-405]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Message to the Senate Transmitting the Slovak Republic-United States 
Additional Protocol Amending the Reciprocal Encouragement and Protection 
of Investment Treaty

March 12, 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 Slovak Republic to the Treaty Between 
the United States of America and the Czech and Slovak Federal Republic 
Concerning the Reciprocal Encouragement and Protection of Investment of 
October 22, 1991, 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 Protocol.
    I have already forwarded to the Senate similar Protocols for Romania 
and Bulgaria and now forward simultaneously to the Senate Protocols for 
the Czech Republic, Estonia, Latvia, Lithuania, Poland, and the Slovak 
Republic. Each of these Protocols is the result of an understanding the 
United States reached with the European Commission and these six 
countries that will join the European Union (EU) on May 1, 2004, 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 the Slovak Republic, 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 EU 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 Protocol 
preserves the U.S. BIT with the Slovak Republic, with which the United 
States has an expanding relationship, and the protections it affords 
U.S. investors even after the Slovak Republic joins the EU. Without it, 
the European Commission would likely require the Slovak Republic 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 Protocol as soon as 
possible, and give its advice and consent to ratification at an early 
date.
                                                George W. Bush
 The White House,
 March 12, 2004.

Note: This item was not received in time for publication in the 
appropriate issue.

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