€0HFID'BH'fIAL ■CeNPIBENT'IAL EXPANDED MEETING WITH EXPANDED MEETING WITH RUSSIAN PRESIDENT BORIS YELTSIN RUSSIAN PRESIDENT BORIS YELTSIN ON ON ECONOMIC ECONOMIC ISSUES ISSUES DECLA 5IFiED DECLASSIFIED fTERE 0 13S26 R E O 13526 '2 o tJ- on · ' A •2 o U'oM'i R 1 15 -oLO »S 'kouo CONTEXT CONTEXT OF OF MEETING MEETING Economic this summit meeting as Economic issues issues will will be be aa major major part part of of this summit meeting as they were at your two previous with Yeltsin Vancouver they were at your two previous meetings meetings with Yeltsin in in Vancouver and the issue wants to and Tokyo Tokyo Economics Economics is is also also probably probably the issue Yeltsin Yeltsin wants to discuss with you most intensively given its current importance discuss with you most intensively given its current importance following following the the elections elections and and the the value value he he attaches attaches to to your your leadership in galvanizing international assistance leadership in galvanizing international assistance for for Russia Russia during agenda's prominence prominence is is in in during the the past past year year The The economic economic agenda's sharp contrast to our relationship with the USSR during most of sharp contrast to our relationship with the USSR during most of this century when it rarely mattered at summit meetings You this century when it rarely mattered at summit meetings You and and Yeltsin the center bilateral Yeltsin have have put put economics economics firmly firmly in in the center of of our our bilateral relationship there for many years years relationship and and it it is is likely likely to to stay stay there for many You which will will You have have three three major major aims alms in in this this expanded expanded meeting meeting which take place on the first day of the summit 1 to draw him out on on take place on the first day of the summit 1 to draw him out his current post-election thinking on the pace and direction of his current post-election thinking on the pace and direction of economic economic reform reform and and to to suggest suggest how how we we can can lead lead the the G-7 G-7 and and IFis IFIs to produce more effective help 2 to review the effectiveness to produce more effective help 2 to review the effectiveness of of our discuss plans plans for our own own bilateral bilateral assistance assistance and and discuss for future future aid aid levels common effort with Yeltsin Yeltsin levels and and 3 3 to to emphasize emphasize your your common effort with begun in Vancouver to expand substantially trade and begun in Vancouver to expand substantially trade and investment investment in meeting of the Gorein 1994 1994 following following the the recent recent successful successful meeting of the GoreChernomyrdin Chernomyrdin Commission Commission The The Future Future of of Russia's Russia's Economic Economic Reforms Reforms and and Western Western Assistance Assistance Your Your top top objective objective of of the the three three for for this this meeting meeting is is to to engage engage Yeltsin on his latest thinking on the future pace and Yeltsin on his latest thinking on the future pace and direction direction of can do do more more effectively to help help of economic economic reform reform and and on on what what we we can effectively to him The Parliamentary election results were a wake-up call him The Parliamentary election results were a wake-up call generally people view view the the generally but but specifically specifically the the Russian Russian people government's two-year attempt to begin a historic economic government's two-year attempt to begin a historic economic transition to aa Russian market economy transition from from command command economics economics to Russian market economy as harsh and directly responsible for the decline as harsh and directly responsible for the decline in in living living standards reforms have have not standards during during this this period period Russia's Russia's economic economic reforms not succeeded on at least two fronts They haven't established succeeded on at least two fronts They haven't established aa social social safety safety net net for for the the average average Russian Russian and and have have also also not not reduced subsidies to large state enterprises The effect reduced subsidies to large state enterprises The effect is is that that the State-owned enterprises are being used as an expensive the State-owned enterprises are being used as an expensive social social safety to most most Russians Russians safety net net without without real real benefits benefits to • Yeltsin he views views the the election Yeltsin told told the the Vice Vice President President that that he election results as a warning to reformers While he will by the the results as a warning to reformers While he will stand stand by essence of the reform program and his team he wants to be more essence of the reform program and his team he wants to be more confident confident that that the the government's government's efforts efforts are are effective effective and and responsive to concerns of average Russians responsive to concerns of average Russians He He and and other other reform reform leaders better story leaders will will want want at at aa minimum minimum to to have have aa better story to to tell tell -€0HFif N'fIAL ■CONFIBmqTIAIr Declassify Declassify on on OADR OADR lJ CONFIDUNTIAL ■eONFIDBNTIAlT 22 by He will will need need to to unite unite by the the 1996 1996 presidential presidential elections elections He government behind a refocussed reform agenda Chernomyrdin government behind a refocussed reform agenda Chernomyrdin Gaydar build support Gaydar are are already already at at odds odds on on it it and and build support for for it it fractious parliament fractious parliament his his and and in in aa In this issue issue you you will will want want to to In addition addition to to drawing drawing him him out out on on this express your view that only bold reform can deliver progress express your view that only bold reform can deliver progress in in time what the the West West can do to to time for for the the 1996 1996 elections elections and and suggest suggest what can do help By the the time time of the help Yeltsin Yeltsin respond respond to to this this challenge challenge By of the summit we hope to have agreement with our G-7 partners on summit we hope to have agreement with our G-7 partners on some some new ideas to spur the IMF and World Bank to expand their new ideas to spur the IMF and World Bank to expand their support support for for Yeltsin's Yeltsin's effort effort to to provide provide more more effective effective targeted targeted social social investment for the Russian population You could investment for the Russian population You could offer offer technical technical assistance assistance to to improve improve the the design design of of Russia's Russia's social social assistance assistance programs programs and and financial financial support support for for targeted targeted social social infrastructure infrastructure programs It will be important to let Yeltsin know that that while while programs It will be important to let Yeltsin know the West can't fully fund a social safety net that is Russia's the West can't fully fund a social safety net that is Russia's responsibility responsibility we we can can help help to to design design it it and and contribute contribute international support international support U S U S Bilateral Bilateral Assistance Assistance for for Russian Russian Reform Reform • In the short-term our substantial bilateral assistance will In the short-term our substantial bilateral assistance will remain remain important important for for Yeltsin Yeltsin and and other other reformers reformers You You mobilized mobilized far more financial assistance for Russia and the other far more financial assistance for Russia and the other new new states states in 1993 than any other Western leader The $1 6 billion in 1993 than any other Western leader The $1 6 billion Vancouver billion secured from Vancouver package package and and the the additional additional $2 5 $2 5 billion secured from Congress in September are a major part of our overall strategy to Congress in September are a major part of our overall strategy to provide effective support for reform Yeltsin has indicated he provide effective support for reform Yeltsin has indicated he would Moscow the the status would like like to to assess assess with with you you in in Moscow status of of our our current current efforts and our future plans You can report to him briefly efforts and our future plans You can report to him briefly on on the package and plans the rapid rapid implementation implementation of of the the Vancouver Vancouver package and our our plans for for the the larger larger program program and and hand hand him him detailed detailed Russian-language Russian-language documents on both You will need to documents on both You will need to convince convince him him that that the the $900 $900 million you will request from Congress for FY-95 does not million you will request from Congress for FY-95 does not represent represent aa diminution diminution of of U S U S support support but but is is aa more more normal normal level following 1993 when you effectively went to the the well well twice twice level following 1993 when you effectively went to for Russia In any case actual flows of U S assistance to for Russia In any case actual flows of U S assistance to Russia the next next two two years years Russia will will exceed exceed $1 $1 billion billion during during each each of of the due to the pipeline from our very large appropriation in 1993 due to the pipeline from our very large appropriation in 1993 Expanding Expanding Private Private Trade Trade and and Investment Investment The The greatest greatest future future challenge challenge in in our our economic economic relationship relationship is is to to shift the focus away from governmental assistance to an expanded shift the focus away from governmental assistance to an expanded commercial commercial relationship relationship through through substantially substantially increased increased American American trade and investment with Russia The key point here for for your your trade and investment with Russia The key point here discussions with Yeltsin is that broadening commercial relations discussions with Yeltsin is that broadening commercial relations is the Russian Russian economy with is the the best best and and fastest fastest way way to to integrate integrate the economy with the West Your agreement with Yeltsin at Vancouver to use the the West Your agreement with Yeltsin at Vancouver to use the Gore-Chernomyrdin vehicle for Gore-Chernomyrdin Commission Commission as as aa vehicle for expanded expanded cooperation in oil and gas projects nuclear plant safety cooperation in oil and gas projects nuclear plant safety and and space cooperation was pivotal The commission has exceeded space cooperation was pivotal The commission has exceeded our our expectations expectations Our Our cooperation cooperation in in space space for for example example including including on on the the international international Space Space Station Station will will amount amount to to an an additional additional $100 million per year for Russia over the next four $100 million per year for Russia over the next four years years The The eONPIDUN IAL etgrtdriDDHTIAL ONFID N IAL -GONriDPt TIAL- 3 Vice Vice President's President's new new relationship relationship with with Chernomyrdin Chernomyrdin who who is is now now the key moderate figure in Russia's economic reform hierarchy the key moderate figure in Russia's economic reform hierarchy will will be be critical critical to to our our future future success success in in this this area area as as will will Ron Ron Brown's new Business Development Committee You should Brown's new Business Development Committee You should engage engage Yeltsin Yeltsin in in Moscow Moscow to to continue continue this this effort effort and and make make concrete concrete advances on several multi-billion dollar oil and projects as advances on several multi-billion dollar oil and gas gas projects as well as other priority commercial projects You also need to well as other priority commercial projects You also need to begin aa dialogue begin dialogue with with Yeltsin Yeltsin on on expanding expanding access access to to each each others' others' markets -an issue of great concern to him markets --an issue of great concern to him YOUR YOUR OBJECTIVES OBJECTIVES oo Underscore Underscore reforms reforms as as renewal renewal in in the the critical critical the the only only way way Russia Russia We We stand stand ready ready to to forces in forces in the the new new reform reform need need to to continue continue to create to create aa base base bold bold economic economic for for economic economic work with work with Yeltsin Yeltsin and and parliament parliament to to advance advance democratic democratic economic economic We We look look to to Yeltsin Yeltsin to to signal signal how how we we can can best best support support that process that process 0 • Acknowledge Acknowledge our our understanding understanding that that in in light light of of the the elections the government's economic policy may elections the government's economic policy may have have to to place greater emphasis on social welfare programs place greater emphasis on social welfare programs You You are are leading leading aa G-7 G-7 effort effort to to support support Russian Russian initiatives in this area initiatives in this area But But Russian Russian social social programs programs must must be be clearly clearly targeted targeted at at the most vulnerable groups and be reconciled the most vulnerable groups and be reconciled with with aa continued continued commitment commitment to to stabilization stabilization liberalization liberalization and privatization in the and privatization in the economy economy We We cannot cannot fully fully fund fund the programs -that is Russia's responsibility the programs -- that is Russia's responsibility --- but but we we can can help help design design them them and and attract attract international international support support o Review programs and Review our our bilateral bilateral assistance assistance programs and their their current current effectiveness in support of Russian reform effectiveness in support of Russian reform o Stress Stress our our commitment commitment to to build build an an economic economic and and commercial commercial partnership and to integrate Russia into the partnership and to integrate Russia into the world world economy economy through through expanded expanded trade trade and and investment investment We We want want and and gas gas to to make make concrete concrete progress progress in in major major American American oil oil investment projects investment projects The The Gore-Chernomyrdin Gore-Chernomyrdin Commission Commission should should continue continue to to focus on constructing a more stable and predictable focus on constructing a more stable and predictable environment environment for for foreign foreign investment investment with with aa commitment commitment by by both the U S and Russia to greater access both the U S and Russia to greater access to to each each others others markets markets through through reduced reduced barriers barriers to to trade trade CONFIDEN IA 4 COHFID gH' E'IM ■eONFIDENTHVL CORE CORE POINTS POINTS o II want want to to focus focus our our discussion discussion on on three three broad broad areas areas of of cooperation 1 the future of reform and Western cooperation 1 the future of reform and Western assistance economic agenda agenda and and 3 3 how how we we assistance 2 2 our our bilateral bilateral economic can expand private trade and investment can expand private trade and investment The Assistance The Future Future of of Reform Reform and and Western Western Assistance 0 o Russian to discuss Russian reform reform following following the the elections elections Want Want to discuss in in more detail your thoughts on future of the economic reform more detail your thoughts on future of the economic reform program program following following the the elections elections Understand Understand from from our our phone phone conversation conversation that that reform reform program and team will stay in place program and team will stay in place Do to build build a a pro-reform pro-reform Do you you believe believe it it possible possible to coalition in new Parliament coalition in new Parliament II believe press ahead with reform reform believe very very important important to to press ahead with course expand privatization continue to pursue course expand privatization continue to pursue fight fight against price against inflation inflation seek seek financial financial stabilization stabilization price liberalization liberalization I've just come I've just come from from Eastern Eastern Europe Europe where where that the shortest transitions that the shortest transitions and and fastest fastest are boldly are in in countries countries that that moved moved boldly • it it was was clear clear recoveries recoveries Continued transition period period help help Continued reform reform will will quicken quicken transition generate new businesses build a foundation for generate new businesses build a foundation for economic economic growth growth and and help help attract attract international international capital capital Also Also understand understand you you benefits benefits to to cushion cushion transition transition period period 0 o need need much much greater greater focus focus average Russians average Russians during during on on social social difficult difficult U S to help help in this new new U S prepared prepared to to lead lead Western Western effort effort to in this stage of reform stage of reform II want want to to help help understand understand how how you you make make critical critical this this this this difficult difficult period is period is transition -transition for you for you I've I've discussed discussed with with G-7 G-7 partners partners new new U S U S ideas ideas build international assistance especially build international assistance especially with with World World Bank Bank to to support support these these reforms reforms to to help help IMF IMF and and First G-7 leaders leaders to to have have our First I've I've asked asked G-7 our senior senior financial officials meet periodically as financial officials meet periodically as aa group group with to put put some political energy with you you and and the the IFis IFIs to some political energy into your collaboration with the IMF and World into your collaboration with the IMF and World Bank Bank Second Second we're we're considering considering pushing pushing and World Bank and World Bank loans loans to to support support aa push push COHFIQE lTIAL Ge FIDEN'PFAL for for quick quick IMF IMF renewed renewed reform reform COHFIDEN'fIAt CONFIBfiN¥ 5 Third Third increased increased multilateral multilateral funding funding for for the the G-7's Special Privatization and Restructuring G-7's Special Privatization and Restructuring Fund Fund Fourth Fourth new new loans loans for for other other NIS NIS states states have trouble paying for energy have trouble paying for energy imports imports Russia Russia which which now now from from Fifth problems Fifth aa discussion discussion of of Russia's Russia's debt debt problems the G-7 Would appreciate knowing your the G-7 Would appreciate knowing your ideas ideas this this with with on on In In addition addition to to these these steps steps we we could could be be helpful helpful in in getting you best advice from our own private getting you best advice from our own private sector sector in in design design of of pension pension and and unemployment unemployment systems systems developing developing aa food program to price food stamp stamp program to offset offset effect effect of of food food price liberalization and job training for those leaving liberalization and job training for those leaving the the large large state state enterprises enterprises Want Want best best to to work work these these quietly quietly for for now now with with IFis IFIs to to insure insure possible chance of success possible chance of success Secretary Bentsen will keep in close touch with your Secretary Bentsen will keep in close touch with your officials officials Great priority Great challenge challenge is is to to combine combine these these two two priority efforts in a single package -continuation broad efforts in a single package -- continuation of of broad reform along with greater social protection reform along with greater social protection o We We are are taking taking action action now now to to speed speed support support for for your your reforms reforms U S -Russian U S -Russian Enterprise Enterprise Fund Fund opening opening Moscow Moscow office office next next week Led by your good friend Gerry Corrigan week Led by your good friend Gerry Corrigan Will Will lend lend to to your your small small businesses businesses Capitalized Capitalized at at $300 $300 million million New Fund New Fund for for Large Large Enterprise Enterprise Restructuring Restructuring FLER FLER also also beginning operations this month I've asked beginning operations this month I've asked former former Treasury Treasury Secretary Secretary Blumenthal Blumenthal to to head head board board This This is is new $100 million fund to help largest firms through new $100 million fund to help largest firms through privatization privatization New As we we discussed New Director Director of of G-7 G 7 office office in in Moscow Moscow As discussed in last two meetings an American Mike Gillette in last two meetings an American Mike Gillette will will open open office office here here this this week week Will Will resolve resolve problems problems in in G-7 G-7 assistance assistance programs programs and and insure insure their their effectiveness effectiveness U S U S Bilateral Bilateral Assistance Assistance for for Russian Russian Reform Reform 0 Was Was one one of of my my top top foreign foreign policy policy priorities priorities in in 1993 1993 0 We We succeeded succeeded together together in in putting putting in in place place assistance program for Russia I assistance program for Russia I want want to to reform reform and and meets meets your your needs needs -€ONPIDBH'fIAL -CONFf-DEWm aa substantial substantial U S U S make make sure sure it it helps helps 6 0 Want Want to to summarize summarize briefly briefly what what we we have have accomplished accomplished and and our our plans for 1994 plans for 1994 0 Successful Successful implementation implementation of of the the Vancouver Vancouver package package After my my $1 6 Vancouver have After $1 6 billion billion commitment commitment at at Vancouver have obligated 100 percent of funds and expended percent obligated 100 percent of funds and expended 71 71 percent Plan Plan to to complete complete full full expenditure expenditure of of funds funds early early in in 1994 You should hand Yeltsin Russian-language 1994 You should hand Yeltsin Russian-language report report of of the the Vancouver Vancouver program's program's progress progress We We are are distributing distributing you you can can give give him him aa region and city region and city 0 this this assistance assistance map map showing showing the the throughout throughout Russia Russia distribution distribution by by Plans Plans for for the the additional additional $2 5 $2 5 billion billion program program Just Just beginning beginning implementation implementation of of the the larger larger $2 5 $2 5 billion program for Russian and other NIS states billion program for Russian and other NIS states Russia Russia will will receive receive over over $1 6 $1 6 billion billion of of it it Major Major focus focus on on privatization privatization democratization democratization exchanges small exchanges small business business creation creation housing housing for for military officers energy You should military officers energy You should hand hand him him aa second Russian-language document on plans for second Russian-language document on plans for this this program program • Housing II Housing for for military military officers officers aa special special concern concern convinced Congress to finance in order to help with convinced Congress to finance in order to help with your your withdrawal withdrawal from from Baltic Baltic countries countries Need Need your your military to provide land and utilities to military to provide land and utilities to construct construct the the 5000 5000 units units within within our our $160 $160 million million budget budget Project Project can't can't proceed proceed without without this this agreement agreement Ambassador Ambassador Pickering is discussing details Pickering is discussing details with with your your officials officials Appreciate Appreciate your your personal personal intervention intervention on on this this 0 Projected Projected future future U S U S assistance assistance II need need to to submit submit budget budget to to Congress Congress soon soon --- will will request $900 million for FY-95 This will request $900 million for FY-95 This will put put Russia Russia and and NIS NIS at at top top of of U S U S assistance assistance along along with with Israel Israel and and Egypt Egypt May May seem seem small small after after aa normal normal level level for for past past year year but but is is attempt attempt to to reach reach Russia Russia II went an unusual unusual year year went to to well well twice twice in in 1993 1993 ---an helped galvanize other countries to contribute helped galvanize other countries to contribute to to and and spurred spurred international international assistance assistance This This you you Because just starting Because $2 5 $2 5 billion billion program program just starting actual actual flows of assistance will continue flows of assistance will continue to to be be quite quite high high --- II expect it to be over a billion dollars in both 1995 expect it to be over a billion dollars in both 1995 and and 1996 1996 eONPIDi3HTIAL CONFIDENTIAL ·CONFID NTIA -CONFIDEWT ftfr 0 7 Other world economy Other U S U S steps steps to to help help Russia Russia integrate integrate into into world economy Cold You requested requested at Vancouver Cold War War Legislation Legislation You at Vancouver Congress passed in November I signed into Congress passed in November I signed into law law in in December Rescinds over 60 Cold War restrictions December Rescinds over 60 Cold War restrictions Russia Communist country country in in our our laws laws Russia no no longer longer labeled labeled Communist Jackson-Yanik You asked for full full graduation graduation Don't Don't Jackson-Vanik You asked for believe Congress would agree especially believe Congress would agree especially in in light light of of the Zhirinovskiy phenomenon But I am prepared to the Zhirinovskiy phenomenon But I am prepared to declare to full declare Russia Russia in in compliance compliance as as interim interim step step to full graduation This will still be controversial but graduation This will still be controversial but II am am willing Need willing to to defend defend it it Need to to make make final final decision decision after after ongoing ongoing talks talks with with Russians Russians G-7 Want to to work work with with you you closely closely to to G-7 Naples Naples Summit Summit Want develop constructive agenda for your meeting with the develop constructive agenda for your meeting with the G-7 ways to to help help G-7 Want Want summit summit to to result result in in concrete concrete ways Russian reform Will ask Secretaries Christopher Russian reform Will ask Secretaries Christopher and and Bentsen your officials Bentsen to to coordinate coordinate with with your officials If If Yeltsin Yeltsin requests requests Russian Russian membership membership in in G-7 G 7 II think membership is premature and would lead to many think membership is premature and would lead to many other other countries countries coming coming forward forward You You already already have have the the G-7 plus one format Let's focus on making G-7 plus one format Let's focus on making session session aa success success in in Naples Naples Expanding Expanding U S -Russian U S -Russian Private Private Trade Trade and and Investment Investment 0 Most Most important important long-term long-term effort effort in in economic economic area area We push our make We need need to to continue continue to to push our governments governments to to make this a major priority in relationship this a major priority in relationship Key Key you you to to unlocking unlocking will will need need to to major major capital capital and and technology technology reform economy long-term and and reform economy long-term flows flows grow grow Gore progress in Gore and and Chernomyrdin Chernomyrdin making making excellent excellent progress in their two meetings Want their close cooperation to their two meetings Want their close cooperation to continue continue We Russian exports exports to to U S U S We are are making making progress progress Russian tripled in 1993 to nearly $1 billion I granted tripled in 1993 to nearly $1 billion I granted Generalized Generalized System System of of Preferences Preferences GSP GSP to to Russia Russia which which will make 4 400 of your products duty free will make 4 400 of your products duty free in in U S U S U S the Tax Tax Treaty Treaty We We are now U S Senate Senate has has ratified ratified the are now leading investor in Russia But we can and should do leading investor in Russia But we can and should do much better much better 0 Want Want to to agree agree on on agenda agenda for for in 1993 Let's build in 1993 Let's build on on if it future We set new foundation future We set new foundation in 1994 in 1994 New New emphasis emphasis should should be be on on improving improving market market access access for for both countries Know this is special concern both countries Know this is special concern of of yours yours Let Let me me suggest suggest following following steps steps ONFIDBN IAb ■CONF-feDNTIAL CONFIDBH' PIAL CONFIDBtff jir - 8 1 1 Secretary Secretary of of Commerce Commerce Ron Ron Brown Brown to to lead lead Presidential Presidential Trade Mission by March Will bring top Trade Mission by March Will bring top U S U S CEOs CEOs in in industries designed to promote investment fastest industries designed to promote inyestment fastest in in Russia Russia 2 2 Focus Focus our our efforts efforts on on Pioneer Pioneer Projects Projects in in oil gas oil qas area discussed by Gore-Chernomyrdin All now area discussed by Gore-Chernomyrdin All now symbols symbols of Russia's readiness to welcome U S investment of Russia's readiness to welcome U S inyestment Important Important we we make make early early progress progress U S Japanese Dutch U S Japanese Dutch consortium consortium to to offshore oil deposits offshore oil deposits U S U S firms firms McDermott McDermott develop deyelop Sakhalin Sakhalin are are Marathon Marathon and and Texaco's Texaco's Timon Timon Pechora Pechora project project 3 produce aa stable 3 Early Early Russian Russian action action to to produce stable tax tax and and regulatory environment to make these projects regulatory enyironment to make these projects happen happen II am am asking asking Ron Ron Brown Brown to to follow follow up up on on these these actions actions Two-way Two-way street street 4 Implement your 4 Implement your convince conyince your your new new Investment Inyestment Treaty Treaty confidence confidence to to our our 5 5 Launch Launch new new major major concern concern Need Need your your help help foreign foreign investment inyestment decree decree and and Parliament to ratify Parliament to ratify the the Bilateral Bilateral BIT BIT Will Will send send signal signal of of business community business community dialogue Know this this is is dialogue on on market market access access Know for you It is for me too for you It is for me too We've We'ye focussed focussed too too long long on on uranium glad we have just uranium glad we haye just aluminum aluminum etc etc narrow narrow dumping dumping cases cases in in settled it steel settled it steel Want broaden discussion Want to to broaden discussion to to measures both of us can measures both of us can adopt adopt to to each each others' others' markets markets look look at at long-term long-term to increase to increase access access Russia Russia can can help help by by concluding concluding some some of of Projects and removing regulatory Projects and remoying regulatory and and barriers barriers Pioneer Pioneer other other Very Very controversial controyersial in in U S U S We We are are considering considering steps we can take at some point steps we can take at some point to to open open our our markets your commodities markets to to your commodities at at the the same same time time as as we we protect the legitimate interests of our protect the legitimate interests of our industries industries Don't Don't want want to to shut shut you you out out work with EU and Asians work with EU and Asians as as of of our our market market well well Need Need to to Therefore Therefore want want to to keep keep this this very yery quiet quiet for for now now To start I already have a senior group studying To start I already haye a senior group studying this this issue issue and and will will get get back back to to you you with with ideas ideas COHFIDEHTJAT GQtH IDENTTATi