Local companies, workers, manufacturers and farmers will benefit from increased exports
Congressman Tom Reed voted today to level the playing field in regards to trade with Russia.
"We have the opportunity to vastly increase our exports by granting Permanent Normal Trade Relations to Russia and I am pleased the House came together in a strong bipartisan manner to pass the bill and encourage our future economic growth by increasing trade with Russia."
"Upstate companies will now be poised to take advantage of the open access to Russia's economy -- companies in our region like Cummins, Inc., Praxair and F.M. Howell. This is the kind of bipartisan legislation that I hope to see more of this year."
Russia joined the World Trade Organization (WTO) in August 2012 and was required to open up its market, lower tariffs, increase transparency and comply with WTO rules. Russia, the world's ninth largest economy, has the potential of becoming a much larger market for goods and services from the U.S. with passage of PNTR.
"With today's vote, the playing field has been leveled for U.S. companies, employers, workers, manufacturers and farmers in trading with Russia," continued Reed. "The U.S. will not receive any benefits from Russia's involvement in the World Trade Organization without granting Permanent Normal Trade Relations -- Russia will not be required to extend benefits to the U.S. unless we passed this legislation."
"We need to be proactive about advocating for free and fair trade in this global market," continued Reed. "Without this legislation, we would have remained in a position of disadvantage in the Russian -- and global -- market."