New York, N.Y., December 6, 2012 – The United States Council for International Business (USCIB) applauded today’s passage by the Senate of legislation to establish permanent normal trade relations (PNTR) with Russia.
“We welcome the Senate’s approval and urge President Obama to sign the measure as soon as possible,” said USCIB President and CEO Peter M. Robinson. “Since Russia joined the World Trade Organization in August, American companies have been at a competitive disadvantage in this important and fast-growing market.”
Once signed, the PNTR bill will sweep away outdated trade restrictions imposed on the then-Soviet Union in the 1970s under the Jackson-Vanik amendment. Russia is the world’s ninth-largest economy, but ranks only 31st as a market for U.S. goods exports.
With Russia also looking to join the Organization for Economic Cooperation and Development (OECD), the business community is looking to work with the U.S. government and others to further open Russia’s economy to foreign trade and investment, Robinson said.
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org.