Urges Passage of Legislation by August Recess
WASHINGTON, June 20, 2012 /PRNewswire-USNewswire/ -- The U.S. business community, organized under the umbrella of the Coalition for U.S.-Russia Trade (www.usrussiatrade.org) – a broad-based grouping of approximately 150 U.S. corporations, trade associations and small businesses active in trade with Russia – today welcomed the House Ways and Means Committee hearing on extending permanent normal trade relations (PNTR) to Russia and urged Congress to move swiftly to enact PNTR with Russia by the August recess.
"Russia is on track to becoming a WTO member in August," noted Randi Levinas, Executive Director of the Coalition, and Executive Vice President of the U.S.-Russia Business Council (www.usrbc.org), and PNTR is for us. People don't realize that the United States does not modify one tariff line or open its market one iota more as a result of PNTR. Russia PNTR is only about ensuring that U.S. manufacturers, farmers and service providers can access the full array of commitments presented by Russia's WTO accession."
Russia is the world's 9th largest market, and the combination of its growing middle class, industries seeking to modernize and outdated infrastructure all point to opportunities for U.S. firms.
"Russia made significant market-opening and trade-liberalizing commitments as part of its WTO accession. These commitments are legally binding under WTO rules. Additionally, the transparency provisions of Russia's WTO accession will likely help improve the business environment in Russia," said Levinas.
In March, the Coalition sent a letter to Members of Congress identifying enactment of PNTR with Russia as the U.S. business community's top legislative trade priority.
The Coalition for U.S.-Russia Trade, housed at the U.S.-Russia Business Council, is committed to strengthening U.S.-Russian commercial ties and preserving the competitiveness of U.S. firms, farmers and workers in the Russian market. For more information, please visit the Coalition website at www.usrussiatrade.org.
SOURCE Coalition for U.S.-Russia Trade