Published: July 12, 2012
Washington – When Russia joins the World Trade Organization (WTO) later this summer, exporters in New Mexico and throughout the United States could increase trade with the world’s ninth largest economy. But Congress must first act – by approving permanent normal trade relations (PNTR) legislation – before New Mexico and other states can enjoy the full benefits of Russia’s market-opening WTO commitments.
“This is the most significant trade opportunity this year to help support American jobs and grow the United States economy,” said Business Roundtable (BRT) President John Engler. “Congressional action on PNTR will benefit New Mexico and its companies, farmers and workers.”
The stakes are high for New Mexico. As reported in a recent BRT economic analysis, New Mexico exported $17.2 million worth of goods to Russia in 2011. If Congress passes Russia PNTR, this number is expected to grow. If Congress fails to act on PNTR, these numbers will likely fall, as foreign competitors in Europe, Asia and elsewhere will be able to take full advantage of Russia’s WTO commitments, but New Mexico and its companies will not.
Russia’s WTO membership means, among other things, that it must:
For further information on current U.S. trade with Russia on a state-by-state basis and the potential to grow exports from each state to Russia if PNTR legislation is passed, visit www.brt.org/Russia.
Business Roundtable, an association of chief executives of leading U.S. companies, has launched a 50-day campaign to increase pressure on Congress to pass Russia PNTR by the August recess. Russia PNTR is BRT’s top trade priority for 2012.
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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.