U.S., Russia Sign 1st Economic Pact
The United States on Friday signed its first economic agreement with Russia, authorizing loans and insurance to American companies that do business in the former Soviet republic.
Secretary of State James A. Baker III, who signed the agreement with Russian Ambassador Vladimir Lukin, hailed it as “an important step in normalizing our economic relations, commercial relations with Russia.”
“When this agreement is ratified by the Russian Parliament, it will allow the Overseas Private Investment Corporation to offer U.S. companies investment insurance and to offer project financing,” Baker said.
Fred Zeder, president of the Overseas Private Investment Corporation, said OPIC has already registered more than 200 American companies that are planning to start operations in Russia.
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