[Weekly Compilation of Presidential Documents Volume 34, Number 36 (Monday, September 7, 1998)]
[Pages 1694-1696]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Joint Statement on Trade, Investment, Technology, and           Non-
Governmental Cooperation

September 2, 1998

    We, the Presidents of the United States of America and the Russian 
Federation, set priorities to deepen our trade, investment, 
technological and non-governmental cooperation. We reviewed the key role 
the

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U.S.-Russian Commission on Economic and Technological Cooperation has 
played in strengthening the bilateral relations between our two 
countries. We agreed to take the following actions, which help build 
investor and consumer confidence, and have charged the co-chairmen of 
the Commission to oversee their implementation:
<bullet>    Promote, under the auspices of the U.S.-Russian Business 
            Development Committee, the further strengthening of 
            bilateral trade and investment flows by working together to 
            support cooperative projects between U.S. and Russian 
            business, to reduce remaining barriers to market access, to 
            strengthen the rule of law in business, and to increase the 
            dialog on commercial taxation, standards, and customs 
            matters.
<bullet>    Extend technical exchanges between the U.S. Federal Reserve 
            System and the Bank of Russia, and arrange for technical 
            exchanges with the Comptroller of the Currency and Federal 
            Deposit Insurance Corporation.
<bullet>    Extend cooperation between the U.S. Securities and Exchange 
            Commission and the Russian Federal Commission for the 
            Securities Markets in order to develop and implement sound, 
            effective regulatory policies.
<bullet>    Intensify technical cooperation between the U.S. Treasury 
            Department and the Russian Ministry of Finance and the Bank 
            of Russia on issues pertaining to strengthening the 
            financial sector.
<bullet>    Facilitate the development of the small and medium business 
            sector, including through U.S. and Russian experts working 
            at the regional and local levels to develop business 
            management skills, to increase the access of small and 
            medium business to finance, and to support exchanges of U.S. 
            and Russian entrepreneurs.
    We discussed Russia's current trade and investment priorities. In 
this regard, we discussed Russia's desire to be designated as a ``market 
economy'' for purposes of U.S. trade laws. The Russian side will submit 
a memorandum of justification to the U.S. Department of Commerce to 
initiate a review process.
    Space-related industries in both countries are poised for rapid 
growth and can revolutionize communications and high-technology 
industries across the globe. U.S.-Russian commercial space ventures are 
already generating thousands of high-tech jobs in the U.S. and Russia, 
with projected revenues in the billions of dollars. We reaffirmed the 
need to meet our respective commitments to the International Space

Station to continue advance in space that benefit our people. We recognized 
the importance of protecting U.S. and Russian sensitive technologies in our 
commercial and governmental joint space efforts and instructed our experts 
to continue to work together in this area.

    Cooperation in the energy field has unprecedented possibilities for 
attracting investment and creating jobs, and ensuring sustained growth 
in Russia. Such cooperation will be enhanced as legislation on 
production sharing is implemented fully, harmonized with the tax code, 
and applied to the development of new oil and gas fields. We recognize 
the importance of commercially viable and environmentally sound multiple 
pipeline system for the transportation of energy resources of the 
Caspian Basin to international markets. We encourage U.S. and Russian 
companies to expand their work together on these and other energy 
projects.
    U.S.-Russian cooperation in the field of civil aviation can lead to 
a change in the character of global transportation in the 21st Century. 
We note the progress that has been achieved on a bilateral agreement to 
enhance air transportation between our two countries, and underline the 
importance of additional efforts to conclude negotiations. We recognize 
the great value of the new bilateral agreements on enhancing flight 
safety signed today. We welcome the cooperation among the United States, 
Russia, and the International Civil Aviation Organization in developing 
safe, efficient, and cost-effective access to air traffic control 
services, recognizing the importance of this endeavor for global 
aviation.
    Our countries are aware of our important role in helping to protect 
the global environment. We agreed to continue working together on the 
problem of greenhouse gas

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emissions. The United States and Russia reiterate their commitments to 
achieving the emissions targets agreed to at Kyoto. We will cooperate on 
efforts to establish a broad-based, unrestricted emissions trading 
system that is both environmentally and economically successful. The 
United States and Russia intend to use the Kyoto protocol's flexible, 
market-based mechanisms, particularly emissions trading.
    We note with satisfaction the progress achieved in integrating 
Russia into international economic and financial structures, especially 
in regard to the G-8, the Paris club and APEC. We tasked our experts 
with intensifying their work on Russia's accession to the World Trade 
Organization and the Organization for Economic Cooperation and 
Development.
    We support the strong non-governmental ties that have developed 
between our citizens. Cooperation between U.S. and Russian hospitals, 
universities, community, human rights and other organizations is rapidly 
expanding. Thousands of U.S. and Russian citizens and communities, 
throughout all 89 Russian regions and each of the 50 United States, are 
now involved in these contacts. From science and business to the arts 
and religion, we are committed to sustaining, expanding, and developing 
these contacts in all their diversity. In this spirit, we announced a 
new joint fellowship program for young Americans and Russians committed 
to public service, providing an opportunity for future leaders from our 
two countries to learn about our societies during university-level 
academic study and professional internships. These new, non-
governmental, people-to-people relationships are the foundations for 
ensuring prosperity and a better understanding between our countries 
that will take us into the next century.
Moscow
September 2, 1998

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