Russia at the Denver Summit
Russia's role at the Summit of the Eight is another key step in its integration into the political and economic institutions of the industrial economies. Russia is reordering its economy along market lines, democratic institutions are taking hold, and Russia is deepening its ties with the international community and global markets.
The Denver Summit: The Summit of the Eight is a milestone in Russia's new role as an international partner committed to democracy and competitive international markets. Building on several years of successful coordination, the Eight will strengthen cooperation on global challenges such as combating international crime, drugs, terrorism, infectious diseases and protecting the environment.
Past Russian involvement:
1992 Munich Summit: Chancellor Kohl invites President Yeltsin to Munich, for a G-7 plus one discussion.
1993 Tokyo Summit: President Yeltsin returns in G-7 plus one format, discussing the importance of Russia's economic and political reform , and key political and regional issues of common concern.
1994 Naples Summit: Russia joined in full discussion of regional political issues, forming the P-8.
1995 Halifax Summit: The P-8 expanded its scope to include global issues such as UN reform, crime, terrorism and non-proliferation
1996 Moscow Summit: President Yeltsin hosted a nuclear safety and security summit
1996 Lyon Summit: The Eight established action plans and working groups on global issues.
Economic Transformation: Russia has made significant progress toward macroeconomic stabilization; inflation is now at 15% down from 131% in 1995, and the ruble has remained steady. Markets are now the key determinant of resource allocation, with the private economy producing 70% of Russia s national income and employing 55% of the workforce. Private banks, capital markets and commodity exchanges are flourishing and have replaced government ministries as the new institutions underpinning Russian economic life. As Russia moves to the next stage of reform, the IMF and the World Bank are committed to support bold Russian initiatives in areas such as tax and legal reform, adapting the social safety net to Russia s market initiatives in areas such as tax and legal reform, adapting the social safety net to Russia s market economy, fighting crime and corruption, curbing monopolies and completing privatization.
Integration into International Economic System: Russia's steady integration into the international economic and financial system accelerates the development of a truly global, open market. At the Helsinki Summit, Presidents Clinton and Yeltsin committed to a joint initiative to stimulate investment and growth in Russia, deepen U.S.-Russian economic ties and accelerate Russia s integration into the international economic system. They set a target for Russia to meet membership requirements for the Paris Club in 1997 and the World Trade Organization (WTO) in 1998 and to make considerable progress toward accession to the Organization for Economic Cooperation and Development (OECD).
Democratic Development: Russia has demonstrated steady progress in building a democratic political system. In just a year, Russia completed parliamentary elections in December 1995, a presidential election in July 1996 and regional elections by the end of 1997 -- putting democratically elected officials firmly in charge of national and local politics. Russia now has its strongest and most reform-oriented government team since 1992. The continued normalization of political reform is perhaps the best guarantee of enduring stability.