Washington, DC, United States - The US Senate has approved the United States-Rwanda Bilateral Investment Treaty (BIT) by unanimous consent, according to a statement from the US State Department, made available to PANA here Wednesday.

'The Department of State applauds the Senate’s approval of the treaty and is pleased that the Senate’s longstanding tradition of bipartisan support for these treaties has been upheld,' it said in a statement.

'This treaty demonstrates Rwanda’s commitment to the economic reforms that will help enable sustainable economic development and opportunity,' it added.

Since the 1994 genocide, Rwanda has made remarkable progress in implementing economic reforms that have helped rebuild the Rwandan economy and society.

Rwanda has opened its economy, improved its business climate, and embraced open trade and investment policies as a means to boost economic development, job creation, and poverty alleviation.

According to the statement, BITs establish rules that protect the rights of U.S. investors abroad and provide market access for future U.S. investment. They also support market-based policies and best practices that treat investment in an open, transparent, and non-discriminatory way.

The Administration is also working to complete an update of the U.S. “model” BIT, which will serve as a framework for future BITs.

In the meantime, the State Department and the Office of the U.S. Trade Representative, which co-lead the U.S. BIT programme, continue technical talks with current negotiating partners, including key countries such as China and India.

When concluded, these and other BITs can play a significant role in building strategically-important economic relationships that will support U.S. job creation, development, economic growth and competitiveness.

Pana 28/09/2011