Let me also add that my trip to Russia last week was a personal reminder of the country's economic dynamism and business potential. Nevertheless, we are well aware that serious problems must be overcome before trade, investment, and economic growth can reach a level that we and Russia had hoped for. As we look to the road ahead, therefore, the key question is whether Russia is able to take advantage of the current situation to undertake vital structural reforms and improvements to the business environment. With passage of the second part of the tax code, renewed commitment to finalize the PSA framework and to move forward on WTO accession, as well as repeated positive statements about foreign investment and shareholder and property rights, President Putin and his government are off to a good start. Given the history of past reforms, however, governments and business will require continued forward action to inspire deeper confidence in the Russian market.
Implementation is the key.
The heart of the matter and very much at the core of the new economic program is the ability and will of the government to make Russia an easier and more predictable place to do everyday business. More generally, the government needs to ensure a level playing field for investors. We should not forget, however, that Russia's private sector will also need to play a pivotal role. Here, the question is the degree to which we will see widespread changes in corporate behavior, especially action by Russian companies to create a modern and transparent business culture. If the Russian government and private sector do their part, I believe that U.S. companies and investors will approach the Russian market with renewed vigor.