Russia PNTR Positive Step Toward Boosting Exports
President Obama Signs Bill That Will Increase Access to Russia’s Growing Market
Today, President Obama signed the Russia and Moldova Jackson-Vanik Repeal Act (H.R. 6156) to grant the United States Permanent Normal Trade Relations (PNTR) with Russia. In August, Russia officially joined the World Trade Organization (WTO), and this law will enable manufacturers in the United States to access the growing Russian market, which will help create American jobs.
“This is a great example of how Washington can come together to pass and sign legislation that will help support jobs and grow exports,” said Alcoa Inc. Vice President for Global Public and Government Affairs and National Association of Manufacturers (NAM) Russia Trade Relations Task Force Chairman Daniel Cruise. “Manufacturers in the United States can now begin to take advantage of the full benefits of Russia’s WTO membership.”
The NAM worked extensively to educate members of Congress of the importance of PNTR legislation to manufacturers, holding countless meetings in both the House and Senate. Additionally, the NAM Key Voted H.R. 6156 in both chambers.
“Manufacturers have worked diligently to advocate for passage of this legislation, which will help us grow exports and support jobs,” said NAM President and CEO Jay Timmons. “As the ninth-largest economy in the world, the Russian market presents a great opportunity to grow exports. It is vital to manufacturers’ competitiveness that we take advantage of every opportunity to reach new export markets. In the future, we look to the Administration and Congress to move forward with additional market-opening agreements to help level the playing field for manufacturers in the United States.”