Department of Commerce fact sheet
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U.S. Secretary of Commerce Gary Locke today joined with Presidents Obama and Medvedev and Russia’s Minister of Economic Development Elvira Nabiullina at the U.S.-Russia Business Summit to explore ways to increase trade and investment between the United States and Russia and discuss how government can help foster innovation and growth in commercial relations between the two countries.   

The summit brought together U.S. and Russian cabinet officials and business and association leaders from a broad range of industries. 

“We all see potential to do more business,” Locke said. “Minister Nabiullina and I are committed to promoting more collaboration between our industries and our economies for the benefit of the people of America and Russia.”

Several U.S. and Russian companies and institutions signed business deals and announced new cooperation surrounding today’s summit, including a commitment by Russian State Corporation Rostechnologii to purchase 50 Boeing Co. 737 aircraft, and an expansion of a joint venture between U.S. engine manufacturer Cummins and Russian truck builder Kamaz to allow production of a new, low-emissions diesel engine in Russia.

“The deal between Rostechnologii and Boeing is a prime example of how closer commercial cooperation between our two countries is in our mutual interests,” Locke said. “This agreement could support up to 44,000 U.S. jobs, helping to meet the goals of President Obama’s National Export Initiative.” 

Locke and Nabiullina co-chair the U.S.-Russia Business Development and Economic Relations Working Group – part of the Bilateral Presidential Commission launched by Presidents Obama and Medvedev at the Moscow Summit last July.