The US-Russia Business Council (USRBC) held its 21st annual meeting on 29 October in Houston, Texas. Various panels discussed topics ranging from Russia’s global integration to its over-dependency on oil and gas to investment in the country, which was ranked 47th globally in GDP by the International Monetary Fund (IMF) in 2012.
In his opening keynote address former Russian Federation Deputy Minister of Foreign Affairs Sergey Kislyak, now ambassador of the Russian Federation to the US, said that his country was “not naïve” viewing its economic challenges, including what he called an “overdependence on energy resources.”
Kislyak gently ribbed the US when discussing Russia’ nearly-balanced budget. With a deficit of only 0.061% of the GDP, he said that Russia was “almost a debt-free nation, unlike some others.”
However, he acknowledged, that “this budget, without deficit, is also dependent on oil and gas. We want diversification…in other areas than oil and gas.”
In a panel discussion entitled “Business: Leading US-Russian Engagement” Evgeny Gavrilenkov, managing director and chief economist for Sberbank CIB, said that oil, gas and minerals accounted for 80% of Russia’s export revenues.
Andrei Slepnev, the Eurasian Economic Commission (EEC)’s Minister of Trade, addressed Eurasian economic integration at the 21st annual meeting for the US-Russia Business Council (USRBC), held 29 October in Houston, Texas. Speaking in Russian via live translators, Slepnev spoke on Eurasian economic integration, calling the US the “original leaders” in global integration.
Slepnev said that advantages to the EEC included no expenditures at customs borders and the participating countries’ single standards – including energy sector transportation.
With Russia’s 2012 entrance into the WTO, the “standards of the WTO are integrated into our regulation,” Slepnev said. “WTO laws have become prevailing laws.”
Currently comprised of Russia, Kazakhstan and Belarus, Slepnev said that Armenia and Kirigizia intend to join the EEC, a task that should be made easier since both are former republics.
Slepnev reiterated that the countries were “not creating another Soviet Union.” Unlike the European Union, the EEC was strictly economic. There is no political component,” he said.
“Parties and entities make sure that politics will not enter into this realm, because the issue of sovereignty for these three countries is very sensitive,” he said.
Both diplomats stressed cooperation in their respective discussions.
“We want interaction between legislations who do not talk to each other,” Kislyak said. “Even in the Cold War, there was an…exchange of dialogue, an exchange of best practices,” he said. “We want to see that expanded if not resurrected.”
Slepnev, the former deputy minister for economic development of the Russian Federation, echoed that statement when discussing the members – and hopeful members – of the EEC. “The key issue today is cooperation, no trade barriers where we see obstacles,” he said.
Images: Sergey Belyakov (top); Andrei Slepnev (bottom), courtesy of USRBC.
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