The U.S. House Ways & Means Committee today passed legislation pushed by U.S. Congressman Kevin Brady of Texas to open new sales of American products and services to Russia. Russia, the 9th largest economy in the world, will join the World Trade Organization this summer which requires it to comply with the same trade rules as the rest of the world. Congressional action is necessary to ensure American companies and farmers can compete in Russia on a level playing field with other nations.
"This is a jobs bill for Texas and a jobs bill for America', said Brady, who leads the Trade Subcommittee in the House. "Texas leads the nation when it comes to selling goods and services to Russia and our sales grew by almost a third last year alone. From energy to chemicals, computers to beef, Russia is an important source of new customers for Texas and we need to make sure our companies aren't at a disadvantage to other countries when we compete in Russia."
Texas sold $1.6 billion dollars in goods and services to Russia last year, making Russia the fastest growing export market for Texas. These sales support 4,100 jobs in the state according to the Business Roundtable.
"Russia is a prime success story for Texas businesses and agriculture but we need more barriers torn down in Russia," added Brady. "This legislation achieves that while giving us a level playing field against China, Europe and other global competitors."