06/10/2008

News / Russia and America in the World Economy

Official Transcripts

Russia and America in the World Economy

By U.S. Secretary of Commerce Carlos M. Gutierrez

Izvestiya, June 5, 2008

U.S.-Russian relations have defined global geopolitics for over 60 years with both nations testing the limits of the possible. Sometimes this had led to confrontation, while other times it has resulted in cooperation of historic importance. We are in an era when it is in our mutual interest for our great countries to be societies that are proud, open and free as we seek to find ways to grow our economic ties.

I am here in Russia today to discuss global trade, economic openness, and the U.S.-Russia relationship at the International Economic Forum in St. Petersburg. With me are members of the President’s Export Council—American business leaders who are committed to enhancing the U.S.-Russia economic dialogue.

Recently trade between our countries has surged. American exports to Russia grew 57 percent last year and our trading relationship was $27 billion, with significant growth not only in the extractive industries but in products as diverse as innovative pharmaceuticals, farm machinery, information technology and an increasing array of services.

In six decades, tariffs in America have been reduced from 40 percent to less than four percent. Successive multilateral and bilateral agreements slashed barriers to both trade and investment, adding trillions of dollars to global productivity. We have found that in addition to growing trade flows, attracting foreign long-term investment is good for our economy, enhances our competitiveness and employs millions of Americans.

It is time for Russia to become part of this process in the increasingly integrated global economy.

Only a decade ago, Russia was on the verge of a financial crisis. Since then, Russian businesses have become a growing part of the global economy which includes new investments in the United States. Now Russia needs to take the next step in its development. A strengthened commitment to economic freedom, openness and the equitable enforcement of rule of law would help Russia fully benefit from international trade and investment.

Expanding our economic relationship is a key objective of my trip. Among the most pressing issues today is Russia’s entry into the World Trade Organization. Russia now has the opportunity to take the necessary steps to bring this process to a close, enabling full participation in the world market. Concurrently, we are developing a bilateral economic dialogue with Russia’s Foreign Ministry as well as a formal business dialogue that provides private sector leaders in both countries with opportunities to make recommendations to policymakers.

We know that change is never easy and the path forward is rarely smooth for any country. When we cooperate, the United States and Russia have been able to change the world for the better. Now is a time to move into a new era with economic ties based on openness, transparency and competition in the free market. America will support Russia as it integrates into the global economy and finds the stability, and prosperity all nations seek.

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