Feb. 24 — Russian Minister of Economic Development Alexey Ulyukaev said that meetings he would have Feb. 26 with top U.S. officials could pave the way for several important agreements addressing protection of investments and freer trade in services and goods.
These several components together “could be something like a framework for free trade,” he said in response to questions after remarks at the U.S. Chamber of Commerce, acknowledging that this would not be a free trade agreement and that his U.S. counterparts will bring “their own vision.”
Ulyukaev is scheduled to meet with U.S. Trade Representative Michael Froman Feb. 26 to discuss stronger economic ties between Russia and the U.S. He will also meet with Commerce Secretary Penny Pritzker.
The Working Group on Business Development and Economic Relations, which is co-chaired by Pritzker and Ulyukaev, will meet Feb. 26 for discussions on economic cooperation, including investment projects in the Russian regions, development of small and medium-sized enterprises and cooperation between financial institutions.
Pritzker and Froman had met with Russian Deputy Prime Minister Arkady Dvorkovich and Ulyukaev on the sidelines of the World Economic Forum Jan. 23, 2014, to discuss establishing a possible bilateral investment treaty or free trade zone. Last year, President Barack Obama and Russian President Vladimir Putin June 17, 2013, issued a joint statement on enhanced bilateral engagement, including discussion of the development and diversification of trade and investment links.
Ulyukaev noted the commitment for stepped up commercial engagement, including hopes for new agreements on services and technical regulations. A “roadmap” for accelerating trade and investment will be discussed in the Feb. 26 meetings, Ulyukaev said. He conceded that Russia's growth rate was not at its best.
At the beginning of his remarks, Ulyukaev said “there is a lot of room for development” on trade and investment between Russia and the U.S. since trade and investment relations fall between “good and not good.”
Ulyukaev's agenda for his trip to Washington included visits with U.S. business community officials to discuss opportunities for U.S. companies to do business in Russia.
Members of the U.S.-Russia Business Council include Hewlett-Packard Co., Medtronic Inc., Procter & Gamble and QUALCOMM Inc.
Russia acceded to the World Trade Organization on Aug. 22, 2012. Russia also wants to join the Organization for Economic Cooperation and Development.
To contact the reporter on this story: Rossella Brevetti in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Jerome Ashton at email@example.com
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).