I have been asked to comment on the US-Soviet trade agreement and the negotiations leading up to it. Negotiations began in December 1971, when Secretary of Commerce Stans made the first ministerial level contacts with the Soviet Union on trade and commercial matters. Soviet Foreign Trade Minister Patolichev returned the visit in May 1972, meeting with Stans’ successor, Peter Peterson. They got down to specifics on what each side wanted on trade matters. Then came the Summit Meeting and the adoption of “Basic Principles” of US-Soviet relations. In principle number seven, the two countries pledged that they would actively promote the growth of economic and commercial ties. The also agreed to establish a Joint Commercial Commission.