    [Public Papers of the Presidents of the United States: George W. Bush (2002, Book I)]
    [May 24, 2002]
    [Pages 876-878]
    [From the U.S. Government Publishing Office www.gpo.gov]

    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 relationships.
        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

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    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 gas-processing 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 Russian-American 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 personnel.
        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 Russian-American 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 countries.
        We welcome the positive trends in our cooperation in the area of
    information technologies, which is emerging as one of the

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    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 sides.
        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.

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