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

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
React to this article
Latest news
Date Title
12:00p Forex Trader Sentiment Swings, Lifting US Dollar Outlook from ’Bearish’
10:24a NATIONAL CINEMEDIA : to Present at the Gabelli Movie & Entertainment Conference
10:23aDJFirst-Quarter GDP Swings to Contraction--Update
10:23a RESEARCH AND MARKETS : Global Trade Finance Market 2015-2019 - Shift from Traditional Trade Finance Products to Open Accounts
10:22a PROCTER & GAMBLE : Dow Movers: PG, INTC
10:22a A.M. Best Removes from Under Review and Affirms Ratings of Gulf Reinsurance Limited
10:22a RESEARCH AND MARKETS : Digital - Video Advertising 2015 Report: Mobile and Social are Fueling Video Growth as Dollars Shift From Display to Video
10:21a LATVIJAS GAZE : JSC Latvijas Gāze: Changes in the Management Board
10:21a SHAREHOLDER ALERT : Pomerantz Law Firm Announces the Filing of a Class Action Against IsoRay, Inc. and Certain Officers – ISR
10:20a AIRBUS : Launches Ship Carrying First Components for A320 Family Production in the U.S.
Latest news
Advertisement
Hot News 
LONDON MIDDAY BRIEFING : TeleCity's Deal Agreed But Synergy's Stalls
IMMUNODIAGNOSTIC SYSTEMS HLDGS : Expects Further Revenue Fall In Current Year
MINCO : 2015 Q1 MD&A Report
UBISENSE : Result of General Meeting
ESSENDEN : 29 May 2015 - Rule 2.6 (c) - 2nd Extention
Most Read News
05/28 Airbus debates new A320 output hike, suffers test glitch
02:05a SUZLON ENERGY : Back from the brink
05/28DJFederal Investigators Blame Shell for Alaska Drill-Ship Accident
05/28DJNIKE : FIFA Indictment Doesn't Allege Criminal Conduct By Company
05/28 U.S. Congress sets hearing on Takata, automakers expand recalls
Most recommended articles
12:00p Forex Trader Sentiment Swings, Lifting US Dollar Outlook from ’Bearish’
10:23aDJFirst-Quarter GDP Swings to Contraction--Update
10:16aDJVatican Financial Watchdog Registers 147 Suspicious Transactions in 2014
10:16aDJWells Fargo Open to Financing Other GE Deals
10:13a U.S. warns G7 of global economy 'accident' without Greece deal