THE WHITE HOUSE
Office of the Press Secretary
"Partnership for Economic Progress"
Joint Statement on Principles and Objectives for the Development of Trade, Economic Cooperation and Investment between the United States of America and the Russian Federation
A FACT SHEET
President Clinton and Russian President Yeltsin today signed a Joint Statement setting forth a framework for expanding bilateral trade, economic cooperation, and investment between the United States and Russia. The Joint Statement highlights the prominent role trade and investment will play as bilateral relations continue to improve and broaden.
The Joint Statement is based on the premise that a bilateral partnership founded on private sector as well as government cooperation will strengthen both economies and lead to significant increase in bilateral trade and investment. American investments in Russia will contribute significantly to its economic development and reform. U.S. companies can make a significant contribution as a source of capital and business expertise for Russian industry, as well as a link to international markets. In addition, they will benefit the U.S. economy by generating substantial exports of capital goods. Foreign company participation in the U.S. market has played a vital role in American economic development and product competitiveness--the Joint Statement outlines the goal of fostering the commercial cooperation which will provide the same benefits to Russia. Major investments by U.S. companies in such areas as energy production and conservation, pharmaceuticals and medical products, food processing, and the conversion of defense production to production of goods for civilian consumption will boost Russian living standards and help spur Russia's progress toward a viable market democracy and a full global partnership in peaceful commerce.
The Joint Statement creates a vision of a much more meaningful U.S.-Russian trade and investment relationship and outlines steps needed to get there. Through the Joint Statement, Russia commits itself to continued market-oriented reforms creating a hospitable environment for foreign business. The United States, in turn, commits to supporting Russia's reforms and facilitating Russian industry and export market development.
The draft statement highlights:
trade stimulating measures, including a broad approach to market access which recognizes Russia's need to export to the U.S., as well as U.S. access to the Russian market;
creation of favorable conditions for commercial ventures, including cooperation in standards, product certification, testing and quality assurance; cooperation in export controls; and further improvement of intellectual property protection;
possibilities for closer economic cooperation over time, related to Russia's adoption of market measures;
investment stimulating measures, highlighting the importance of Russian approval of the Bilateral Investment Treaty and implementation of President Yeltsin's decree to attract foreign investment;
U.S. support for market reform and willingness to consider "partnership agreements" as reform benchmarks are reached.
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