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Soviet-American Economic Cooperation: Recent Development, Prospects and Problems

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  • Ivan D. Ivanov

    (Institute of United States Studies of the Soviet Academy of Sciences in Moscow)

Abstract

The summit meetings between Secretary General Leonid I. Breznev and President Richard M. Nixon, inter alia, broke the economic isolation which existed be tween the USSR and the USA. The turnover in trade rose to $642 million in 1972 and to approximately $1.5 billion in 1973. This growth in trade reflects, without doubt, the economic potentialities of, as well as the wide scope for, mutual eco nomic complementarity between the two countries. Interest ing joint undertakings are already in sight. Yet, the primary problem of the future is the normalization of trade policy. The USSR cannot afford to pay a political price for normalization of trade. The fact that the USSR has not been extended most favored nation (MFN) treatment and difficulties in credit ar rangements through Eximbank have put the Soviet Union in an inferior position in the United States market. Should this situation continue long enough, adjustments to real market conditions will appear to be necessary in US-USSR trade and the lend-lease package.

Suggested Citation

  • Ivan D. Ivanov, 1974. "Soviet-American Economic Cooperation: Recent Development, Prospects and Problems," The ANNALS of the American Academy of Political and Social Science, , vol. 414(1), pages 18-26, July.
    • Handle: RePEc:sae:anname:v:414:y:1974:i:1:p:18-26
    DOI: 10.1177/000271627441400103
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