    [Public Papers of the Presidents of the United States: William J. Clinton (1995, Book I)]
    [May 10, 1995]
    [Pages 670-671]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Joint Statement on Economic Reform, Trade, and Investment
    May 10, 1995

        The President of the United States of America and the President of
    the Russian Federation welcomed the significant progress made in Russian
    economic reforms and bilateral trade and investment since their last
    meeting in Washington in September 1994. They underlined their support
    for full and early realization of the bilateral economic partnership
    described in their September 1994 Washington Summit Joint Statement on
    ``Partnership for Economic Progress.''

    Economic Reform

        The President of the Russian Federation reaffirmed Russia's
    determination to implement firmly its 1995 economic reform program,
    including reduction of government deficits and other anti-inflationary
    measures, privatization, comprehensive tax reform, strengthening of the
    free market and integration into the world economy. The President of the
    United States of America welcomed these policies and pledged continued
    strong U.S. support for their complete implementation.
        The President of the United States of America and the President of
    the Russian Federation commended the deepening interaction between
    Russia and the leading industrial countries and the formation of the
    ``Political-8,'' and expressed their hope for fruitful cooperation
    during the forthcoming Halifax Summit in June 1995.

    Trade

        The President of the United States of America expressed strong U.S.
    support for Russian accession to the World Trade Organization (WTO), and
    both Presidents agreed to cooperate on accomplishing this objective.
        The President of the United States of America and the President of
    the Russian Federation welcomed the doubling of bilateral trade between
    1992 and 1994 to a level of $5.8 billion. They pledged that as trade
    continues to expand both countries would work together to resolve trade
    frictions when arise in a mature trade relationship. They also agreed
    that bilateral trade and foreign and domestic investment would benefit
    from stricter enforcement of intellectual property rights and they
    agreed that both governments would engage in broader cooperation in this
    area. The President of the United States of America reiterated his
    government's recognition that Russia is an economy in transition to a
    free market.

    Investment

        The President of the Russian Federation informed the President of
    the United States of America that his government has issued a decree
    permitting full implementation of the Oil and Gas Framework Agreement,
    under which the U.S. Export-Import Bank can proceed with $1.3 billion in
    approved loans and authorize $700 million in requested loans for the
    important oil and gas sector. The two Presidents also undertook to
    accelerate implementation of the $750 million Eximbank-Gazprom financing
    facility.
        The President of the Russian Federation noted the importance of the
    IL-96M project to civil aviation cooperation between the two countries
    and the President of the United States of America confirmed that the
    U.S. Export-Import Bank is reviewing a financing application for this
    project.
        The two Presidents welcomed progress made in negotiations between
    American and Russian

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    companies on production sharing agreements and look forward to the
    signing of these agreements within the next few months, as well as the
    passage of the Law on Production Sharing and the ratification of the
    Bilateral Investment Treaty.
        The President of the United States of America and the President of
    the Russian Federation welcomed the commitments of the Overseas Private
    Investment Corporation of over $2 billion in loan guarantees, insurance
    and investment funds, and of the U.S. Trade and Development Agency of
    over $35 million for feasibility studies on 87 separate projects in the
    Russian Federation. They looked forward to the opening in Moscow in June
    of a new Russian Business Information Service for trade with America,
    with assistance from the U.S. Government.

    Future Mandate

        The President of the United States of America and the President of
    the Russian Federation commended the achievements of the Joint
    Commission for Technological and Economic Cooperation (the Gore-
    Chernomyrdin Commission) and, stressing their commitment to a strategic
    economic partnership, requested recommendations from the Joint
    Commission on further moves to strengthen and expand bilateral trade and
    investment and market access, and cooperation in the areas of energy,
    space, science and technology, health and agriculture and conversion of
    defense production facilities.
        Noting the importance of regional development, the two Presidents
    announced the inaugural meeting in Seattle this June of the working
    group between the private and public sector leaders of the Russian Far
    East and the U.S. west coast, based on the initiative of the President
    of the Russian Federation in Seattle in September 1994.
        The President of the United States of America and the President of
    the Russian Federation noted that a strong basis for economic,
    commercial and technological cooperation between the two countries has
    been created, which is aimed at supporting the transformation of the
    Russian economy and Russia's full integration into the world economy.
    The two Presidents expressed strong support for these historic goals.

    Note: An original was not available for verification of the content of
    this joint statement.