Monday, May 27, 2002
Volume 38, Issue 21; ISSN: 0511-4187
Joint statement by President George W. Bush and President Vladimir V. Putin on
developments in the U.S.-Russian economic relationship
George W Bush; Vladimir V Putin
� Joint Statement by President George W. Bush and President Vladimir
V. Putin on Developments in the U.S.Russian Economic Relationship
� May 24,2002
foster a dynamic, forward-leaning economic relationship. We applaud
the tremendous efforts made over the past twelve months to realize
this goal. We are encouraged by the close contacts that are forming
between our business communities and our governments, and the
investment and trade opportunities that are growing out of these
� Success in our bilateral economic and trade relations demands that
we move beyond the limitations of the past. We stress the importance
and desirability of graduating Russia from the emigration provisions
of the U.S. Trade Act of 1974, also known as the Jackson-Vanik
Amendment. We note that the Department of Commerce, based on its
ongoing thorough and deliberative inquiry, expects to make its final
decision no later than June 14, 2002 on whether Russia should be
treated as a market economy under the provisions of U.S. trade law.
� We note our emerging energy relationship, which is aimed at
enhancing global energy security and stability of supplies. In view
of the successful advancement of the Sakhalin-- I project and the
opening of the Caspian Pipeline Consortium's Tengiz-Novorossiysk
energy sector, including in the area of oil-refining and
gasprocessing and transportation as well as development of ports and
production technology. We call for continued cooperation both on the
basis of Production Sharing Agreements and other frameworks so that
other multi-billion dollar joint projects can move forward. We also
encourage our businesses to participate in the Commercial Energy
Summit scheduled for later this year in the United States.
� We continue to place high priority on Russia's accession to the
World Trade Organization (WTO), and we reaffirm our commitment to
working together to accelerate Russia's entry on standard terms. We
recognize the recent release of the first draft of the Working Party
report as an important milestone in Russia's accession process.
� We welcome the efforts of the RussianAmerican Business Dialogue,
established at the time of our meeting in Genoa. The joint
recommendations of this private-sector dialogue have been helpful in
advancing mutual efforts to normalize Russian-American business
ties, strengthening corporate governance, and promoting cooperation
in information technology.
U.S.-Russia Banking Dialogue and its report to governments. We hope
the Dialogue will foster non-discriminatory cooperation between
private-sector financial institutions of Russia and the United
States. Among the important areas of cooperation, we emphasize small
business and mortgage lending, consumer credit, implementation of
cutting-edge technologies, and training of qualified banking
� We welcome the progress made in Russia to establish laws and
institutions to combat money laundering. We support the efforts to
jointly counter financial criminal activities, including within the
framework of the Egmont Group. We attach high importance to
implementation of programs enhancing cooperation in combating
legalization of criminal incomes.
� We note the importance of establishing a supportive tax, legal and
regulatory environment for the development of small business, as
well as the need to provide access to financing, and welcome the
$100 million expansion of the Russia Small Business Fund of the
donors to join the United States in supporting the further expansion
of this effort.
� We also welcome the announcement by the United States Overseas
Private Investment Corporation to back a new $100 million "Russia
Private Equity Fund."
� We note with satisfaction opportunities for the further development
of successful and mutually beneficial cooperation in such areas as
civil aviation, commercial space exploration, the International
Space Station, commercial satellite launches, and joint design and
production of aircraft machinery.
� We hail growing aviation cooperation between our two countries
under the RussianAmerican civil aviation agreement. Since 2001, we
have achieved agreement on the opening of new economically viable
routes, including cross-polar flights.
� We are confident that the creation of the Russian-American Working
Group on Trade and Aerospace Cooperation will foster expanded direct
� We welcome the positive trends in our cooperation in the area of
information technologies, which is emerging as one of the priority
areas of our bilateral relationship. The introduction of U.S.
companies' advanced technologies in the Russian market, including
through licensed modern software applications, contributes to
economic growth in Russia. We support growing cooperation through
services provided by Russian companies in designing software and
high-tech products on the basis of Russia's existing scientific
capabilities. We welcome the Information Technology Roundtable,
which is providing for a comprehensive exchange of opinion between
government agencies and businesses on removing barriers to business
and protecting intellectual property rights in this area.
� We note growing trade cooperation between our countries. As our
trade and economic cooperation gains momentum, we might face certain
contentious issues that must be addressed in a swift, transparent
and constructive manner by taking account of the interests of both
Russian companies give us confidence that many new significant and
mutually beneficial projects will be implemented in the course of
our expanding economic cooperation.