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U.S. - Russia Expand Trade

President Barack Obama participates in a bilateral meeting with Russia’s President Vladimir Putin during the G20 Summit, Monday, June 18, 2012, in Los Cabos, Mexico. (AP Photo/Carolyn Kaster)

The United States and Russia announced an ambitious agenda to expand bilateral trade and investment relations.

At the recent G-20 summit in Los Cabos, Mexico, the United States and Russia announced an ambitious agenda to expand bilateral trade and investment relations.

An important step in this direction is Russia’s membership in the World Trade Organization, or WTO. The Administration is working with the Congress to terminate the application of the Jackson-Vanik Amendment and extend Permanent Normal Trade Relations to Russia to ensure that the WTO Agreement applies to U.S.-Russia trade. This step will ensure that American manufacturers, farmers, innovators, creators, service providers and exporters are not placed at a disadvantage relative to their foreign competitors in Russia’s growing market.

As soon as Russia becomes a Member of the WTO, it will be required to comply with all of the provisions of the WTO Agreement, as well as specific commitments in its accession protocol. Russia has already taken steps to implement its commitments by adopting and/or amending its domestic legal regime to reflect the WTO rules and its specific commitments. The United States looks forward to working with Russian authorities in the rules-based regime of the WTO.

The United States welcomes Russia’s efforts to join the Organization for Economic Cooperation and Development (OECD). Membership would represent another major step in Russia’s broader integration into international rules-based institutions. The process of joining supports Russia’s efforts to modernize and diversify its economy, as well as improve its business and investment climate.

The level of investment between the United States and Russia remains below its potential, and the United States supports continued technical discussions on a bilateral investment treaty that would provide additional protections to investors in both countries. A bilateral investment treaty is also designed to facilitate good governance, the rule of law, and transparency.

The United States will also continue to work with its Russian counterparts to expand innovation between both countries on a government-to-government level and in cooperation with the private sector.

The United States and Russia are committed to working together to expand bilateral trade and investment as a means to foster mutual economic growth and prosperity.