U.S. Representative Glenn 'GT' Thompson today released the following statement after the U.S. Senate passed legislation granting Permanent Normal Trade Relations (PNTR) with Russia and Moldova. The Russia and Moldova Jackson-Vanik Repeal Act of 2012 passed the Senate by a vote of 92-4. Thompson supported House passage of the measure on November 16, 2012.
"Russia's accession to the World Trade Organization (WTO) means that all of the world's major economies now operate under the same set of trade rules. Normalizing trade relations will allow U.S. companies access to Russian markets, and provide the U.S. government with a powerful new enforcement tool for ensuring Russia's compliance with WTO rules. I applaud the Senate for passing this bipartisan legislation, which is good for economic growth in Pennsylvania and will serve to help reenergize the national economy."
Summary of the Russia and Moldova Jackson-Vanik Repeal Act of 2012:
The bill authorizes the President to extend PNTR status to Russia and Moldova, enabling U.S. companies and exporters to benefit from the accession of both countries to the WTO.
The bill is expected to double American exports to Russia within five years and support thousands of jobs across every sector of the U.S. economy, including manufacturing, agriculture and services.
The bill contains provisions to address concerns about Russia's compliance with its WTO obligations and promote the rule of law in Russia.
The bill addresses bilateral trade issues between the United States and Russia, particularly those dealing with food safety, intellectual property and human rights.
Additional information from the U.S. Department of Commerce: "Pennsylvania: Opportunities from Russia's Accession to WTO." Click Here