U.S.-Russia Business Council Welcomes President's Signing of Russia PNTR Legislation

Dec 14, 2012, 17:27 ET from U.S.-Russia Business Council

WASHINGTON, Dec. 14, 2012 /PRNewswire-USNewswire/ -- The U.S.-Russia Business Council (USRBC) issued the following statement upon President Obama's signing of legislation to remove Russia from the Jackson-Vanik amendment and to establish Permanent Normal Trade Relations (PNTR) with Russia.

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Klaus Kleinfeld, Chairman and CEO of Alcoa and Chairman of the USRBC said, "We applaud President Obama for signing this bipartisan piece of legislation.  U.S. companies will soon be guaranteed the same advantages of Russia's WTO commitments as our foreign competitors."

Edward Verona, President and CEO of the USRBC added: "Today's historic signing of legislation to establish Permanent Normal Trade Relations with Russia begins a new chapter in U.S.-Russia commercial relations.  The U.S.-Russia Business Council and its members now look forward to building upon the opportunities that Russia's WTO accession presents."

The U.S.-Russia Business Council led the Coalition for U.S.-Russia Trade, the organized U.S. business community effort that secured passage of the Russia PNTR legislation in the U.S. Congress.

The U.S.-Russia Business Council (USRBC) provides business development and government relations support in both Moscow and Washington. The USRBC contributes to the stability and development of a free market in Russia and supports Russia's integration into the global economy. It also serves as the Secretariat for the Coalition for U.S.-Russia Trade. Learn more at www.usrbc.org and www.usrussiatrade.org.

SOURCE U.S.-Russia Business Council