Russia set to join World Trade Organization on Aug. 22

The Hill

The countdown is on for Congress to normalize trade relations with Russia.

Moscow officially told the World Trade Organization (WTO) on Monday said it has ratified the accession package and is set to become the 156th member of the trade group on Aug. 22.

U.S. Trade Representative Ron Kirk said the “action marks a significant point in the evolution of the WTO and the global trading system.”

“Congress should continue to work on legislation regarding Jackson-Vanik and permanent normal trade relations for Russia so American businesses, workers and creators have access to the same benefits from Russia’s membership that their foreign competitors have.”

The House Ways and Means Committee is expected to hold a markup this week on a measure to repeal the Jackson-Vanik provision, an obsolete Cold War-era amendment that needs to be removed to normalize trade relations with Russia.

The House measure mirrors the language approved last week by the Senate Finance Committee, minus the human-right legislation that Chairman Max Baucus (D-Mont.) wrapped into the bill.

The so-called Magnitsky bill is expected to be tacked onto the House version in the Rules Committee before the bill heads to the floor.

Then the bill, which must pass the House first, would head to the Senate for clearance for President Obama’s signature.

Melding the trade and human rights bills has been opposed by the Obama administration and House Republicans but there was growing support on both sides of the Capitol to including the bill that would apply visa and financial sanctions on Russian officials involved in the death of whistleblower lawyer Sergei Magnitsky.

Congress has two weeks to get a bill to President Obama before leaving for the August recess.

Democratic Reps. Mike Michaud (Maine) and Rosa DeLauro (Conn.) sent a letter on Monday to the top Republican and Democrat on Ways and Means panel urging them to include a bill they authored that would require the USTR to complete annual reports on Russia’s compliance with WTO obligations and to take action when they have not met their commitments.

“These simple but effective provisions would prevent persistent unfair trade practices from going unaddressed and would strengthen any legislation that grants PNTR to Russia,” said Michaud and DeLauro in their letter.

“As we work to rebuild our economy and promote our manufacturing sector, it is now more important than ever to ensure all our trade agreements are strictly enforced,” the wrote.

Russia, which has the largest economy outside the WTO, is ending an 18-year quest to join the trade group by agreeing follow the trade group’s rules.

Russian President Vladimir Putin signed the agreement on Saturday and formal notification was sent Monday to the WTO. быстрые займы онлайн займы на карту срочно https://zp-pdl.com/online-payday-loans-in-america.php https://zp-pdl.com/fast-and-easy-payday-loans-online.php займ срочно без отказов и проверок