Fact Sheet: Russian-American Business Dialogue

The Russian-American Business Dialogue (RABD) was established by the Russian and American business communities and welcomed by Presidents Bush and Putin at the July 2001 Genoa Summit. The Dialogue has been steered by the U.S.-Russia Business Council, American Chamber of Commerce in Russia, Russian-American Business Council, and the Russian Union of Industrialists and Entrepreneurs, and is open to input from interested companies and business associations in both countries.

The Dialogue is a business-to-business mechanism for expanding contact between the two private sectors, identifying areas where laws and regulations impede trade and investment, and providing a forum where businesses' common interests and concerns can be raised with both governments. Issues covered in the Dialogue's first annual report, presented to the Russian and American Governments in Moscow, include:

• Facilitating visas and other aspects of business travel in both directions between Russia and the United States;
• Improvement of the tax and regulatory climate for small businesses in Russia;
• Market access improvements in both directions, including Russia's accession to the WTO, and protection of intellectual property;
• Cooperation in the information technology arena, where Russia and the United States have unique capabilities and potential;
• Improvement of Russia's investment climate (including such issues as banking reform, improved corporate governance, and facilitating cross-border leasing to bolster Russian companies access to capital); and
• Judicial reform, including amendments to Russia's arbitration code to encourage confidence in the enforcement of contracts.

The Russian-American Business Dialogue marks the first such comprehensive effort by the United States and Russian business communities to work together to develop consensus recommendations across a full range of issues and industries, and to join together in cooperative activities to promote trade and investment. The Business Dialogue will continue its work.