Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

12/08/2012 | 05:32pm US/Eastern
Recommend:
0

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
Recommend :
0
React to this article
Latest news
Date Title
1m ago Performing Arts Thriving in Revelstoke
2m ago IMPELLAM : Finance Director Andrew Burchall To Depart
2m ago Fitch Assigns Ratings to LCM X Limited Partnership Refinancing Notes
2m ago PICANOL : Press release: Annual General Meeting Picanol NV 2013
2m ago LINEDATA SERVICES : honored by prestigious HFMWeek European award for ‘Best Portfolio Management System’
2m ago ATTICA : Superfast ferries is the preferred carrier of the pole vault world champion k. filippidis
2m ago DATALOGIC : • 04/16/2014 Preliminary sales revenues at 108.2 million Euro in the first quarter of 2014, +6.1% compared to 102.0 million Euro in the first quarter of 2013
2m ago ATTICA : Sap quality awards 2013
2m ago UNIFIRST : Prestige Packaging Helps Keep Everyday Healthcare Costs in Check
3m ago WARNER BROS. : Names Dee Dee Myers as Its New Global Head of Corporate Communications
Latest news
Advertisement
Hot News 
BELGRAVIUM TECHNOLOGIES : Signs IT Contract With First Great Western
LDK SOLAR : Requests Review of NYSE Regulation's Decision to Suspend Trading and Commence Delisting Procedures
CARDICA : Prices Public Offering of Common Stock and Preferred Stock
APRICUS BIOSCIENCES' : Partner in the United Kingdom Accepts First Shipment of Vitaros(R)
SNOOZEBOX : Shares Tumble As Losses Widen; Plans GBP11 Million Fundraising
Most Read News
1h ago SPORTS DIRECT : FTSE advances on Chinese data, Sports Direct sprints ahead
1h ago Wall Street gains after Chinese data, Yahoo up on Alibaba
1d ago PAN AFRICAN RESOURCES : Karume Day and Rwanda Genocide Day
7h ago NOKIA : 67 Percent of Mobile Phones Sold in Kenya Are Smartphones
1d ago INTEL : quarterly net beats Street, CEO talks up tablets
Most recommended articles
8h ago Global shares up on China relief, Ukraine strains remain
1h ago SPORTS DIRECT : FTSE advances on Chinese data, Sports Direct sprints ahead
6d agoDJCarrefour Sales Grow at Fastest Pace in Two Years
3m ago Analysis - After years of downsizing, refining still matters for majors
8m agoDJLONDON MARKETS : Tesco, Sports Direct Lift FTSE 100
Dynamic quotes  
ON
| OFF