Published: December 06, 2012
Washington – Business Roundtable (BRT), an association of chief executive officers of leading U.S. companies, today lauded the U.S. Senate’s approval of recent House-passed legislation establishing permanent normal trade relations (PNTR) with Russia. BRT has made approval of Russia PNTR a top priority this year.
“With roughly 142 million consumers and its position as the world’s sixth-largest economy in terms of purchasing power, Russia is a significant market for U.S. exporters like our company. Today’s approval of Russia PNTR is a victory for American companies and workers,” said Doug Oberhelman, Chairman & CEO, Caterpillar Inc., and Chair of BRT’s International Engagement Committee, who urged Congress to approve Russia PNTR in testimony earlier this year before the House Ways and Means Committee.
“This legislation will help support much-needed U.S. economic growth and job creation. America’s business leaders applaud members of the Senate for approving Russia PNTR by a wide bipartisan margin, and we thank Senators Reid and McConnell for scheduling the vote and Senators Baucus, Hatch, Kerry, Thune and McCain for their leadership on the legislation,” said Klaus Kleinfeld, Chairman and CEO of Alcoa Inc.
“We applaud the actions of the Congress in passing this important legislation and urge the President to quickly sign it into law to enable U.S. companies and workers to compete on a level playing field with foreign competitors in the growing Russian market,” said Samuel R. Allen, Chairman and CEO of Deere & Company, who testified earlier this year on behalf of BRT and Deere & Company before the Senate Finance Committee.
Among its many Russia PNTR advocacy and grassroots activities throughout the year, BRT has done the following:
Passage of Russia PNTR legislation is Business Roundtable’s top trade priority this year. To learn more, visit www.brt.org/Russia.
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Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with more than $7.3 trillion in annual revenues and nearly 16 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – equal to 61 percent of U.S. private R&D spending. Our companies pay $182 billion in dividends to shareholders and generate nearly $500 billion in sales for small and medium-sized businesses annually.
BRT companies give more than $9 billion a year in combined charitable contributions.