FOR IMMEDIATE RELEASE
Wednesday, July 18, 2012
CONTACT OFFICE OF PUBLIC AFFAIRS
202-482-4883
Today, Acting Secretary of Commerce Rebecca Blank
commended the Senate Finance Committee’s bipartisan approval of legislation
which would authorize the President to establish permanent normal trade
relations (PNTR) with Russia. The bill would terminate application of the Jackson-Vanik Amendment to
Russia and authorize the President to extend permanent normal trade relations
to Russia. U.S. companies would then be able to take full advantage of Russia’s
growing market and approaching membership in the World Trade Organization
(WTO).
“Now that Russia is entering the WTO, establishing PNTR with Russia is a
common-sense move that would give American companies improved access to
Russia’s growing economy. While the United States exported more than $8
billion of goods to Russia in 2011, there is tremendous potential for growth in
our trade relationship,” said Acting Secretary Blank. “The Senate Finance
Committee bill marked up today will help American manufacturers and farmers
compete on a level playing field, benefit from improved intellectual property
enforcement, and provide new opportunities for U.S. exports, thereby creating
thousands of jobs and strengthening our economy. We look forward to continued
work with Congress on the specifics of the legislation and passage of this
critical bill."