NORTHFIELD, Ill., June 15, 2012 /PRNewswire/ -- Kraft Foods welcomes the introduction of bipartisan legislation in the U.S. Senate to establish permanent normal trade relations (PNTR) with Russia and to repeal the Jackson-Vanik amendment to the Trade Act of 1974.
Russia, which is one of Kraft Foods' 10 priority countries for its Developing Markets business, is expected to join the World Trade Organization (WTO) in July. This legislation is vital for U.S. companies to realize the full potential of Russia's WTO commitments. The legislation is needed to ensure U.S. companies are on a level playing field when competing with other global companies in this significant and growing market.
Accession to the WTO establishes important commitments on market access and intellectual property protection; streamlines border processing requirements; improves transparency; and provides for international dispute settlement. Ultimately, its passage creates an opportunity for job creation both here and abroad.
Kraft Foods supports passage of this legislation and applauds Senators Baucus, Kerry, Thune and McCain for their leadership on this important issue.
About Kraft Foods
Kraft Foods Inc. (NYSE: KFT) is a global snacks powerhouse with an unrivaled portfolio of brands people love. Proudly marketing delicious biscuits, confectionery, beverages, cheese, grocery products and convenient meals in approximately 170 countries, Kraft Foods had 2011 revenue of $54.4 billion. Twelve of the company's iconic brands – Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oreo, Oscar Mayer, Philadelphia, Tang and Trident – generate revenue of more than $1 billion annually. On Aug. 4, 2011, Kraft Foods announced plans to divide and create two independent public companies: a high-growth global snacks business and a high-margin North American grocery business. The transaction is expected to be completed before the end of 2012. A leader in innovation, marketing, health & wellness and sustainability, Kraft Foods is a member of the Dow Jones Industrial Average, Standard & Poor's 500, Dow Jones Sustainability Index and Ethibel Sustainability Index. Visit kraftfoodscompany.com and facebook.com/kraftfoodscorporate.
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SOURCE Kraft Foods