Earlier this afternoon, the Senate passed a bill with overwhelming bipartisan support to establish Permanent Normal Trade Relations (PNTR) with Russia. The Russia and Moldova Jackson-Vanik Repeal Act of 2012 (H.R. 6156), which passed by a vote of 92-4, will now head to President Obama for signing.
The NAM, after several months of extensive outreach on Capitol Hill, was instrumental in convincing Congress to pass the legislation. Russia PNTR will provide a tremendous opportunity for U.S.-manufactured goods exports and ensure manufacturers in the United States operate on a level playing field with our global competitors. The NAM sent a Key Vote letter to senators yesterday, urging their support. The House passed the same bill on November 16.
On August 22, Russia officially joined the World Trade Organization (WTO) and made commitments on increased transparency, lower tariffs and binding dispute resolution. Russia is the ninth largest economy in the world, making it a key emerging market for U.S.-manufactured goods exports. Manufacturers have urged the Senate to pass Russia PNTR, which will grow U.S. exports and secure market access to help create jobs. Click here for more information on Russia PNTR or read testimonials from small and medium manufacturers on the importance of establishing PNTR with Russia.
Lauren Airey is director of trade facilitation policy, National Association of Manufacturers.