Moscow, 31 January: Moscow and Washington are launching a new mechanism of economic cooperation.

"In view of the growing development of investment and trade ties between our two countries and Russia's increasing importance in the world economy, the Russian Federation and the United States are to launch a formal economic dialogue to discuss issues of mutual interest," a brief joint statement says. The statement was adopted on 31 January after the consultations held by First Deputy Foreign Minister Andrey Denisov and US Under Secretary of State (for Economic, Energy, and Agricultural Affairs) Reuben Jeffery.

The dialogue will involve the US departments and agencies concerned, Russian ministries, and the two countries' business communities. According to the statement, posted by the Russian Foreign Ministry on its official website, the first session to open the dialogue will be held in spring 2008 in Washington.

"The parties have discussed the prospects of promoting the Russian-American economic dialogue in view of the importance of the growing investment and trade relations between Russia and the USA," the Russian Foreign Ministry said. "The plans are to consider the possibility of launching a renewed mechanism of Russian-American economic cooperation with the participation of government agencies and business communities of the two countries," the statement said.