As of August 22, more than 150 nations that are members of the World Trade Organization (WTO) can now take full advantage of new market-opening provisions implemented by Russia as part of its entrance into the WTO – giving their companies, farmers and workers a competitive advantage to expand sales in the growing Russian market.
Lower Russian tariffs, increased protection for intellectual property, greater transparency, and a commitment to adhere to international trade rules and procedures are just a few of the benefits now available to WTO members with respect to Russia.
The United States, however, is now at a disadvantage. Our companies do not have the same WTO rights and benefits enjoyed by all the other WTO members, including our major economic competitors in Europe, Asia and elsewhere.
Until Congress approves permanent normal trade relations (PNTR) with Russia, U.S. manufacturers, service providers, farmers and workers stand to lose out on opportunities to increase exports to one of the world’s largest economies.
Polling Data Shows Americans Overwhelmingly Support Expanding U.S. Trade Opportunities with Russia
- 70% favor Congressional action that would allow U.S. businesses to sell more to Russia.
- 70% favor Congressional action to update Cold War-era U.S. laws that still restrict significant trade with Russia.
*The Winston Group, May 2012
It’s Time for Congress to Approve Russia PNTR in September and Help U.S. Companies and Workers Compete!
Momentum for America
In 2016, Business Roundtable will focus its efforts on greater job expansion and economic growth – national priorities that are inextricably linked. Informing our plan is our collective business experience as CEOs of America’s leading companies, experience that tells us what it takes to build momentum for the United States in in 2016 and beyond.