Business leaders discuss future U.S.-Russia economic cooperation at SPIEF

U.S. and Russian business leaders came together at the St. Petersburg International Economic Forum (SPIEF) to review U.S.-Russian economic cooperation two years after both countries agreed to “reset” bilateral relations.  Panelists participating in the “Russia-U.S. Business Dialogue” discussed the prospects for future economic cooperation and addressed topics such as:

• The readiness of both countries to negotiate a new U.S.-Russia trade agreement and the agreement’s prospective format;
• The institutions necessary to stimulate bilateral investment;
• Priority sectors of development; and
• The prospects for transforming a traditional economic partnership into an “innovation bridge.”

Most panelists stressed Russia’s World Trade Organization (WTO) accession as the major driver of U.S.-Russian economic cooperation, with session moderator and Ernst & Young CEO James Turley saying, “WTO accession must get done and get done quickly."  Other highlights from the session included comments from:

• U.S. Ambassador to Russia John Beyrle, who stressed the Obama administration's commitment to seeing Russia join the WTO. Beyrle also announced the creation of a three-year, multi-entry business and tourist visa option that eliminates the need for formal business visa invitations and aims to expand travel and trade between the two countries.
• Severstal General Director Alexei Mordashov, who said there were “essentially no barriers left” to Russia's WTO entry.
• American Chamber of Commerce President Andrew Somers, who spoke about procurement systems and his work on procurement as part of the U.S.-Russia Presidential Bilateral Commission, noting that this work shows Russia “remains open to our views on legislation."
• United Technologies Corporation CEO Louis R. Chenevert, who said Russia’s WTO accession would enhance his and other companies’ expansion plans in the country.