Great news: Rwanda treaty clears Senate committee
Yesterday, the Senate Foreign Relations Committee passed the United States-Rwanda Bilateral Investment Treaty (BIT) out of committee. This is the first BIT concluded between the United States and a sub-Saharan African country since 1998. This BIT was initiated by former President George W. Bush and Rwandan President Paul Kagame in 2008 and has been waiting for Senate action since then.
A BIT is a treaty of law between the US and another nation. This treaty will promote trade between the two countries by providing legal protections for both countries — including transparency in governance and neutral arbitration.
US investors are protected because both countries agree to conduct business using certain legal and investment principles. We at ONE are excited that this treaty will help to promote growth and foreign investment in Rwanda by showing that the US government has given Rwanda a “seal of approval.”
This treaty must now be approved by the full Senate. We are hoping that the Senate will ratify the treaty before adjourning for the holiday break.
Photo courtesy of Away2Africa.com
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December 19, 2010 at 5:15 pm
Yes lets pray they see the urgency and make a move on this treaty before the break, urgency is required in this world for those matters that are urgent. well done on this info.