Compilation of Weekly Presidential Documents - May 27, 2002 - Joint statement by President George W. Bush and President Vladimir V. Putin on developments in the U.S.-Russian economic relationship

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



� At our first meeting in Ljubljana, we expressed our commitment to

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

pipeline, we welcome implementation of more projects in the fuel and

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.



� We welcome as well the development of the private sector-led

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

European Bank for Reconstruction and Development. We encourage other

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

contacts between aerospace corporations and airlines of our




� 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




� Already existing positive examples of cooperation between U.S. and

Russian companies give us confidence that many new significant and

mutually beneficial projects will be implemented in the course of

our expanding economic cooperation.



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