Manufacturers Russia’s Accession to WTO Will Boost Exports
Agreement for Russia to Join WTO Will Provide More Export Access to Manufacturers
National Association of Manufacturers (NAM) Vice President of International Economic Affairs Frank Vargo issued this statement on Russia’s accession to the World Trade Organization (WTO):
"Manufacturers welcome today’s decision for Russia to join the WTO. The NAM has supported Russia’s entry into the WTO on terms that are enforceable through the WTO system rules to give manufacturers important access to the Russian market.
It’s critically important to manufacturers’ competitiveness and job creation that we implement policies that will allow manufacturers to grow exports and access new markets. Manufacturers in the U.S. will benefit from the terms of Russia’s entry into the WTO with tariff reductions, including through membership in the Information Technology Agreement; non-tariff barrier reductions; enhanced intellectual property rights protection and enforcement; and loosened restrictions on services trade. These key provisions in the agreement will be extremely important for manufacturers’ ability to access the Russian market to grow exports.
Manufacturers in the United States export $6 billion annually to Russia. There is clearly room for growth, which will create jobs.
Today’s announcement is another positive step on the way to reaching the goal of doubling exports by 2014, but we still have a long way to go. Additional free trade agreements are needed. Dozens of agreements are being negotiated all over the world right now, and the U.S. is party to only one."
The NAM has laid out a comprehensive blueprint to keep manufacturing in the United States competitive, entitled A Manufacturing Renaissance: Four Goals for Economic Growth. To view A Manufacturing Renaissance, please click here.