For Immediate Release
Office of the Press Secretary
July 22, 2001

Fact Sheet: Russian-American Business Dialogue

The Russian-American Business Dialogue is intended to give new impetus to U.S.-Russian trade and investment relations. By elevating involvement of the business community in bilateral discussions, the United States seeks to promote economic reform, a transparent and predictable business climate and the rule of law in Russia, while encouraging change that will help Russia to meet WTO standards. The Dialogue is also a vehicle to expand bilateral business opportunities and to bring new entrants into our trade and investment relations. It will seek to:

• Develop a common understanding between the American and Russian business communities of the investment and trade challenges in Russia;
• Identify areas where laws, regulations and practices impede or distort trade and investment in Russia; and
• Provide a forum for the U.S. and Russian governments to address business interests in a systematic manner.

Organized by the private sector, the Dialogue is open to interested American and Russian companies and business associations, both large and small.

• The American Chamber of Commerce in Russia, the U.S-Russia Business Council, the Russian Union of Industrialists and Entrepreneurs, and the Russian-American Business Council have offered to steer the Dialogue.
• Large, medium, and especially small enterprises from a broad cross-section of industry sectors are being encouraged to participate.
• The business communities will set the pace and agenda of the Dialogue.

The United States and Russian governments have pledged Cabinet level representation to receive a first formal report of the Dialogue at a meeting early next year. Government officials may participate in other Dialogue events, as invited by business.

Commerce Secretary Evans and Treasury Secretary O'Neill will discuss plans for the Dialogue when they meet with American and Russian companies in Russia on July 26 and 27.

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