Published: August 22, 2012
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
*The Winston Group, May 2012
It’s Time for Congress to Approve Russia PNTR in September and Help U.S. Companies and Workers Compete!
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.