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Pallone, Knollenberg Bill Granting PNTR To Armenia Passes Congress & Awaits President's Signature |
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Washington, DC – The U.S. Senate on Friday approved legislation granting Permanent Normal Trade Relations (PNTR) to Armenia, said U.S. Rep. Frank Pallone, Jr. (D-NJ), co-author of the same legislation with U.S. Rep. Joe Knollenberg (R-MI) in the U.S. House of Representatives. The legislation was included in a comprehensive trade bill, the Miscellaneous Trade and Technical Corrections Bill, which passed the House last month. The legislation now awaits the president's signature.
Pallone and Knollenberg, co-chairmen of the Congressional Caucus on Armenian Issues, introduced H.R. 528 last year. In November 2003, the legislation, which had 112 additional cosponsors, passed the House by voice vote as part of H.R. 3521, the Tax Relief Extension Act. Earlier this year, this legislation was included in the larger Miscellaneous Trade and Technical Corrections Bill.
Armenia, as a former Soviet republic, is prohibited from receiving unconditional and permanent normal trade relations with the United States under the Trade Act of 1974. Currently, Armenia receives NTR treatment from the United States under a presidential waiver that must be renewed each year. When this legislation is signed into law, the waiver will no longer be necessary, ensuring greater competitiveness for Armenian exports into the United States. Most importantly, it will allow U.S. and Armenian goods greater access to each other ’s markets.
"Granting Permanent Normal Trade Relations to Armenia serves as a testament to the strong, shared values between the U.S. and Armenia," Pallone said. "Congress' action represents Armenia's increasing importance as a U.S. trading partner. It ’s my hope this bill will help to alleviate the pressure on Armenia brought about by the decade-old dual blockade by Turkey and Azerbaijan."
Total United States-Armenia bilateral trade for 2002 amounted to more than $134,200,000. |
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