Published: December 16, 2011
Washington - Business Roundtable (BRT) today welcomed the approval of Russia’s accession to the World Trade Organization (WTO).
“Business Roundtable supports Russia joining the WTO and becoming part of its multilateral, rules-based system,” said Business Roundtable Chairman Jim McNerney, Chairman, President and CEO of The Boeing Company. “This important milestone will further strengthen our trade and investment ties, promoting economic growth and job creation in both of our countries.”
BRT’s statement came in reaction to the WTO’s decision at its ministerial conference in Geneva to formally invite Russia to join the WTO.
BRT also urged Congress to move quickly to approve legislation granting Permanent Normal Trade Relations (PNTR) status to Russia to expand trade relations while furthering U.S. competitive interests.
"As Russia moves forward to complete its domestic process for joining the WTO, Business Roundtable is committed to working with the administration and Congress to quickly pass Permanent Normal Trade Relations legislation for Russia,” said Doug Oberhelman, Chairman and CEO of Caterpillar Inc., who chairs BRT’s International Engagement Committee. “The legislation is needed so that U.S. exporters and workers can enjoy all of the benefits of Russia’s accession to the WTO – the same opportunities available to all WTO member countries competing to sell their products and services to Russia.”
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 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 – nearly half of all private U.S. R&D spending. Our companies pay $163 billion in dividends to shareholders and generate an estimated $420 billion in sales for small and medium-sized businesses annually.
BRT companies give nearly $9 billion a year in combined charitable contributions.