Page 2: of Maritime Reporter Magazine (December 1978)

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Agreement In Principle

Announced On U.S.-U.S.S.R.

Marine Insurance

For the first time since the

U.S.-U.S.S.R. Maritime Agree- ment was signed on October 14, 1972, the Soviet Union has agreed in principle to share with U.S. underwriters the placement of marine insurance on cargoes mov- ing between the two countries, it was announced by Robert J.

Blackwell, Assistant Secretary of

Commerce for Maritime Affairs.

Mr. Blackwell, chief American negotiator of the basic U.S.-

U.S.S.R. Maritime Agreement, headed a U.S. delegation which met recently with representatives of the Soviet Union in Vienna,

Austria. Viktor M. Ivanov, Dep- uty Minister of Foreign Trade, headed the U.S.S.R. delegation. "This agreement breaks a six- year impasse on the insurance issue, and will enable American underwriters finally to participate in this growing trade," Mr. Black- well said. "We shall continue to work diligently in the weeks ahead, in the cooperative spirit that prevails, to implement this accord at the earliest possible date."

On October 26, the negotiators agreed to the text of a Memo- randum of Understanding which recognizes the interest of U.S. marine insurance companies in underwriting a substantial share of the marine cargo insurance in the bilateral trade, and calls for meetings — beginning immedi- ately— between the marine in- surance entities of both countries to develop implementing proce- dures.

Insurance premiums on these cargoes in recent years have av- eraged $6.5 million and are ex- pected to exceed $7 million this year. U.S.-Soviet trade totaled $1.9 billion in 1977, and in the first seven months of 1978 was running 53 percent ahead of last year's, according to the U.S. Com- mercial Office in Moscow.

The Vienna negotiators agreed to assess the progress of the im- plementation talks before April 30, 1979.

The negotiations were the fourth in a series of major talks on the marine insurance question.

The last previous formal sessions had been held in London last

January 10-12.

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No. 23 Volume 40

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