Senate Approves Investment Treaty With Uruguay

by Glen Shapiro, LawAndTax-News.com, New York

19 September 2006

The US Senate last week approved a resolution of 'advice and consent' for the United States-Uruguay Bilateral Investment Treaty (BIT).

The countries signed the treaty at the Summit of the Americas, in Mar del Plata, Argentina, on November 4, 2005. The Government of Uruguay completed its domestic ratification procedures in December 2005, and the treaty will enter into force thirty days after the exchange of instruments of ratification.

US Secretary of State, Condoleezza Rice welcomed the upper house's approval of the Treaty, observing that:

"The US-Uruguay BIT will help promote prosperity for both our peoples by creating jobs, and it is an important step toward deepening our economic and trade relationship."

The investment protections in the treaty will offer current and future US investors in Uruguay a more stable and predictable legal and regulatory environment, promoting increased investment in Uruguay and greater two-way trade. The BIT will generate increased investment and expand economic growth and prosperity in Uruguay.

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