U.S., Russia reach bilateral trade plan for year

   The Business Development and Economic Relations Working Group of the U.S.-Russia Bilateral Presidential Commission on Monday reached agreement on an Action Plan for 2013-2014.
   The plan will serve as a framework to guide bilateral economic cooperation between the countries in the coming year.
   “Russia’s accession to the WTO creates significant opportunities for stronger bilateral cooperation between our countries, as well as significant economic benefits for U.S. workers, exporters and investors who can gain from growing our trade and investment relationship,” said Michael Camuñez, U.S. Commerce Department’s assistant secretary for market access and compliance, in a statement.
   “As we work closely with Russia to implement its new obligations, we want to use this working group to promote active engagement, collaboration, and coordination between our respective governments, taking into account the needs, concerns and priorities of the private sector, to better facilitate two-way trade and investment in a way that benefits both sides,” he said.
   Russia continued to be an important market for American companies in 2012. U.S. exports to Russia grew by nearly 29 percent in 2012 compared with 2011, more than six times the overall growth rate for global U.S. exports, to reach their highest level ever of $10.7 billion, Commerce said. Meanwhile, U.S. foreign direct investment in Russia rose 17 percent in 2011, the latest year for which this data is available.
   Russia’s August 2012 entry into the World Trade Organization and establishment of permanent normal trade relations between the two countries in December have provided a more level playing field for U.S. companies, which is widely expected to contribute to future market growth and increased bilateral trade, Commerce said.
   The working group, which is chaired by the Commerce secretary and Russian minister of economic development, will focus its Action Plan on diversifying two-way trade, increasing economic growth in key industrial sectors and reducing market-entry hurdles affecting small and midsized firms.