This treaty was entered into force on February 16, 1997. 

The Government of the United States of America and the Government of the Republic of Estonia (hereinafter the "Parties"); 

Desiring to promote greater economic cooperation between them, with respect to investment by nationals and companies of one Party in the territory of the other Party; 

Recognizing that agreement upon the treatment to be accorded such investment will stimulate the flow of private capital and the economic development of the Parties; 

Agreeing that fair and equitable treatment of investment is desirable in order to maintain a stable framework for investment and maximum effective utilization of economic resources; 

Recognizing that the development of economic and business ties can contribute to the well-being of workers in both Parties and promote respect for internationally recognized worker rights; 

Noting the bilateral Most Favored Nation Agreement of March 2, 1925 and the bilateral Treaty of Friendship, Commerce and Consular Relations of December 23, 1925 between the Parties; 

In furtherance of Article three of the bilateral agreement concerning the development of trade and investment relations of September 17, 1992 between the Parties and; 

Having resolved to conclude a Treaty concerning the encouragement and reciprocal protection of investment; 

Have agreed as follows: