Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Senate Committee on Finance : Baucus Leads Senate Passage of Bill Boosting U.S. Exports to Russia

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/08/2012 | 11:32pm CET

For Immediate Release
December 06, 2012

Contact:

Communications Office
(202) 224-4515

Baucus Leads Senate Passage of Bill Boosting U.S. Exports to Russia

Finance Chairman's Job-Creating Legislation Headed to President's Desk for Signature into Law

Washington, DC - Senate Finance Committee Chairman Max Baucus (D-Mont.) led the Senate to pass a bill today boosting U.S. exports by establishing permanent normal trade relations (PNTR) with Russia.  The legislation, which passed by a vote of 92-4, 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 also helps fight human rights abuses in Russia and extends PNTR to Moldova.  Under Senator Baucus' leadership, the Senate Finance Committee unanimously passed its version of the bill in July.

"The economic benefits from passing this bill are one-sided for the U.S.  We give up nothing in return, and it puts U.S. businesses and workers on a level playing field with our foreign competitors already reaping the benefits of Russia joining the WTO.  This bill will boost U.S. exports, support jobs in the U.S. and help American businesses, workers, ranchers and farmers take advantage of Russia's growing economy," Senator Baucus said.  "Today's vote shows Congress is still able to come together to do the right thing for the American people, and we need to carry this momentum forward to overcome the many challenges ahead."

Russia joined the World Trade Organization (WTO) in August, and as part of the WTO accession process, it lowered tariffs and increased market access for foreign businesses.  However, to this point, American businesses have been prevented from fully capitalizing on the new market access, because the U.S. has not yet extended PNTR status to Russia.  Doing so will put American exporters on a level playing field with their competitors in Europe, China and among the more than 150 WTO member nations.  Additionally, the benefits of passing PNTR will be one-sided: the U.S. is not required to make any market access or tariff concessions to Russia as part of establishing PNTR or with Russia's WTO accession process.  Instead, establishing PNTR would help to boost the U.S. economy and create jobs here at home, across every sector of the economy.  The House of Representatives passed PNTR legislation last month.

The legislation also removes Russia from the 1974 Jackson-Vanik amendment.  Congress originally passed Jackson-Vanik to push the Soviet Union to drop restrictions on the emigration of its Jewish population.  But with the Soviet Union gone and no such restrictions in existence in Russia today, Jackson-Vanik is a relic of the past.  The bill passed today takes new steps to address human rights violations in Russia, punishing those responsible for acts such as the death of anti-corruption lawyer Sergei Magnitsky and others by restricting their U.S. visas and freezing their U.S. assets.  The bill has broad support among Russian human rights and democracy activist groups.

Senator Baucus has long fought for a robust trade agenda that supports American jobs through strong enforcement of current agreements and an aggressive pursuit of new markets.  In February, he traveled to Russia to pursue new trade opportunities for U.S. businesses, ranchers and farmers.  Chairman Baucus also recently traveled to Japan and New Zealand to meet with senior economic and trade leaders and discuss key issues surrounding the Trans-Pacific Partnership free trade agreement.  The Senate Finance Committee has jurisdiction over international trade issues.

###

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
08:25p Biothera Pharmaceuticals Announces Presentation of Clinical Data Supporting Use of a Patient Selection Biomarker for its Phase 2 Cancer Immunotherapy
08:24p BAKER HUGHES INCORPORATED : US rig count increases 3 this week to 754; Texas up 8
08:24p SBT Bancorp Announces Quarterly Dividend
08:24p TOP 3 EMERGING TRENDS IMPACTING THE GLOBAL SYSTEM INTEGRATION SERVICES MARKET FROM 2017-2021 : Technavio
08:23p MARATHON PETROLEUM : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)
08:23p CITIZENS FINANCIAL GROUP INC/RI : Other Events, Financial Statements and Exhibits (form 8-K)
08:23p UCB : Transparency notifications BlackRock, Inc.
08:23p AVISTA : Predicted Rain and Warmer Temperatures Likely to Bring Increased Water Flow into Lake Spokane
08:22p ROMA : ++ Raggi leaves hospital ++
08:22p INTERNATIONAL ISOTOPES INC : Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year (form 8-K)
Latest news
Advertisement
Hot News 
-5.77%Property website Rightmove generates fewer client leads in 2016
-4.87%Baidu posts bleak fourth quarter, but sees business reshuffle driving 2017 growth
-3.94%VIVENDI : Shares Hit Hard by Fall in Profit -- 2nd Update
-3.32%JUPITER FUND MANAGEMENT : full-year profits hit by rising costs
-7.42%Canada's MacDonald Dettwiler to buy satellite imagery firm DigitalGlobe
Most Read News
02:58a SAMSUNG ELECTRONICS : tightens donation rules; report says two group executives offer to quit
02/23 Exclusive - Trump says Republican border tax could boost U.S. jobs
08:33a GM DEMANDS NON-COMPETE CLAUSES IN RETURN FOR OPEL PATENTS : Spiegel
02/23 Safran rejects TCI Fund Management's criticism of Zodiac Aero bid
12:06a TOSHIBA : says it is considering sale of majority stake in chip unit
Most recommended articles
02/23DJVIVENDI : Full-Year Earnings Beat Estimates
01:49p HUSKY ENERGY : Canada's Husky Energy posts fourth quarter profit, partly on asset sales
01:48p CUMULUS MEDIA : refinancing plan rejected by U.S. judge
01:41p GLENCORE : No end in sight to strike at Noranda zinc plant in Quebec
01:41p VOLKSWAGEN : VW eyes stable 2017 earnings after underlying profit hits record