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Office of the Press Secretary

For Immediate Release August 1, 1997


Presidential Signing Ceremony

At the conclusion of their White House meetings on August 1, President Clinton and Azerbaijani President Aliyev signed a Joint Statement on U.S.-Azerbaijani Relations and the U.S.-Azerbaijan Bilateral Investment Treaty.

The Joint Statement reflects the broad nature of cooperation between the United States and Azerbaijan and underlines the commitment of the two Presidents to work for a closer partnership. The statement notes:

The U.S.-Azerbaijani Bilateral Investment Treaty creates a stronger basis for trade and investment relations between the United States and Azerbaijan. It is a key element of an open investment climate and will further strengthen economic links between the United States and Azerbaijan.

Bilateral investment treaties guarantee the right to invest in both countries on terms no less favorable than those accorded domestic or third-country investors, in most sectors. They also guarantee the free transfer of capital, profits and royalties, freedom from performance requirements that distort trade and investment flows, access to international arbitration, and internationally recognized standards for expropriation and compensation. This is the 17th bilateral investment treaty signed during the Clinton Administration and brings the total number of bilateral investment treaties signed by the United States to 40.

The Vice President and President Aliyev separately presided over the signing of contracts between the State Oil Company of Azerbaijan (SOCAR) and the U.S. companies Exxon, Mobil and Chevron (and Amoco.)

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