New York, N.Y., June 12, 2012 – The United States Council for International Business (USCIB) applauded today’s introduction of legislation in the Senate to establish permanent normal trade relations (PNTR) with Russia, which it said is essential to ensure access for American exports and investments in this important emerging market as it joins the World Trade Organization.
“Russian membership in the WTO is a long-sought goal of American and global business,” said USCIB President and CEO Peter M. Robinson. “Now it is time for us to fulfill our end of the bargain. In so doing we can help ensure not only a level playing field for our exports and investments, and the many American jobs they support, but also help to advance the rule of law in Russia and cement a stronger U.S. partnership with the country.”
Senators Max Baucus (D-Mont.), John Thune (R-S.D.), John Kerry (D-Mass.) and John McCain (R-Ariz.) unveiled legislation today to establish PNTR with Russia when it joins the WTO this summer. Passage of the bill, which would repeal the 1974 Jackson-Vanik amendment, is necessary for American businesses to capitalize on new market access opportunities in Russia under the terms of its WTO accession.
Russia is also taking steps to join the Organization for Economic Cooperation and Development (OECD). Through its membership in BIAC, the Business and Industry Advisory Committee to the OECD, USCIB is working to advise the OECD and its member governments on appropriate terms for Russian entry into the organization, and is assessing the potential impact for U.S. business of Russian OECD membership.
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.
Jonathan Huneke, VP communications, USCIB
(212) 703-5043 or email@example.com