14 January 2011
U.S.-Russia Business Council Applauds Entry into Force of U.S.-Russia Civilian Nuclear Agreement
U.S.-Russia Business Council Applauds Entry into Force
of U.S.-Russia Civilian Nuclear Agreement
Washington, DC (January 11) -- The U.S.-Russia Business Council applauds the entering into force of the U.S.-Russia Agreement for Cooperation in the Field of Peaceful Uses of Nuclear Energy (also known as a 123 Agreement) with today's exchange of diplomatic notes between the United States and Russia. The agreement, approved by Congress in December, provides a framework for future civilian nuclear cooperation between the United States and Russia.
USRBC President Ed Verona praised the agreement, saying that, "The 123 Agreement will allow our two countries to replace the nuclear rivalry of the past with a partnership to promote safe and peaceful bilateral nuclear trade. This is another example of the opportunities that exist in the U.S.-Russia commercial relationship, and is one that could be extremely beneficial to the U.S. and the rest of the world."
A closer partnership with Russia in the nuclear sphere will expand commercial opportunities for U.S. businesses by opening the Russian market to American technologies and facilitating joint ventures and the licensing of new technologies created in partnership. It will allow our respective nuclear energy industries to benefit from each other's technological strengths and open the door for greater overall cooperation between the U.S. and Russia, particularly in the area of non-proliferation.
The entry into force of the 123 Agreement on civilian nuclear cooperation comes just weeks after the U.S. Congress ratified the New START treaty with Russia regarding the reduction of nuclear weapons and after both countries agreed on a framework for replacing weapons-grade uranium at Russian research reactors with low-enriched uranium. The New START treaty and the uranium replacement agreement are further demonstrations of the great potential for an effective partnership in the nuclear field.
The U.S.-Russia Business Council (USRBC) represents the interests of its 225 U.S. and Russian member companies, providing business development and government relations support in both Moscow and Washington. The USRBC contributes to the stability and development of a free market in Russia and supports Russia's integration into the global economy. It also serves as the Secretariat for the Coalition for U.S.-Russia Trade (www.usrussiatrade.org), the organized U.S. business community effort to graduate Russia from Jackson-Vanik and extend PNTR to Russia. For more information, visit the USRBC online at: www.usrbc.org.