Posts Tagged ‘finance’
Senate panel approves normal trade relations with Russia, adds human rights provision
A Russia trade bill that could double U.S. exports to Russia but complicate already frosty relations with the former Communist superpower advanced in the Senate on Wednesday.
Lawmakers rejected a provision that would have required the president to certify that Russia is no longer supplying arms to Syria.
The Senate Finance Committee combined the trade measure with a bill to punish Russian human rights violators.
The committee’s unanimous vote to lift Cold War trade restrictions and establish permanent normal trade relations with Russia came against a background of strong objections to Russia’s poor human rights record, its threats against U.S. missile defenses in Europe, its failure to protect intellectual property rights, its discrimination against U.S. agricultural products and most recently its support for the Assad government in Syria.
Enacting permanent trade status is necessary if U.S. businesses are to benefit from the lowering of trade barriers that will take place when Russia enters the World Trade Organization next month.
Finance Committee Chairman Max Baucus, D-Mont., said current U.S. exports to Russia, about $9 billion a year, could double in five years if trade relations are normalized.
“There is no time to waste. America risks being left behind,” Baucus said. “If we miss that deadline, American farmers, ranchers, workers and businesses will lose out to the other 154 members of the WTO that already have PNTR (permanent normal trade relations) with Russia.” U.S. imports from Russia last year were four times the export level.
Getting the trade bill through Congress has been a top priority for business and farm groups, which see it as a jobs creator and a boost to the economy. “Without PNTR, U.S. companies and workers will be at a distinct disadvantage in the Russian market as our competitors in Europe, Asia and elsewhere begin to lock in sales and long-term contracts,” said Caterpillar Inc. chairman and CEO Doug Oberhelman, who also chairs the Business Roundtable’s International Engagement Committee.
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Baucus Announces Markup of Jobs Bill Establishing Permanent Normal Trade Relations with Russia
US Senate Committee on Finance
With Russia Joining the WTO, Finance Chairman’s Mark Will Enable U.S. Businesses to Capitalize on Increased Market Access.
Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) today released his Chairman’s Mark of a bill to establish permanent normal trade relations (PNTR) with Russia and remove Russia from the 1974 Jackson-Vanik amendment, which will enable U.S. businesses to capitalize on Russia’s growing market. Baucus also scheduled a markup to take place at 9:30 a.m. on Wednesday, July 18,in Room 215 of the Dirksen Senate Office Building. Baucus’s bill would support and create thousands of U.S. jobs across every sector of the American economy, including manufacturing, agriculture and services, by helping double U.S. exports to Russia within five years.
“Increasing our exports to Russia will help create new jobs and give America’s economy the shot in the arm it needs. Our exports to Russia will double within the next five years if we pass PNTR soon, which will mean thousands of jobs supported or created across the country. And this economic boost will come at no cost to us whatsoever. We will not have to change one single tariff or trade law,” Baucus said. “Russia is joining the WTO no matter what Congress does – their legislature has already voted and put the wheels in motion – so we need to act soon. My bill will put American businesses, farmers, ranchers and workers in a position to succeed and grow, and that’s exactly what our economy and workers need.”
Russia’s lower house of parliament, the State Duma, recently approved an agreement to join the World Trade Organization (WTO). Russia’s upper house, the Federation Council, is expected to take up the measure soon, after which Russia will officially join the WTO 30 days later. As part of the “accession” process, as it is known, Russia will lower tariffs and increase market access for foreign businesses from countries with which it has permanent normal trade relations. Congress must pass legislation establishing PNTR by the time Russia joins the WTO for U.S. businesses to see the full economic benefits of the deal.
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KYL STATEMENT AT FINANCE COMMITTEE HEARING EXAMINING RUSSIA’S ACCESSION TO THE WORLD TRADE ORGANIZATION
U.S. Senator Jon Kyl (R-Ariz.), a senior member of the U.S. Senate Finance Committee, delivered the following opening statement today at a committee hearing examining the accession of Russia to the World Trade Organization (WTO):
Thank you, Mr. Chairman. I think that I understand the message this hearing is meant to convey: “American businesses want access to Russian markets. We should repeal JacksonVanik and grant Russia Permanent Normal Trade Relations without delay and without conditions. It’s a slam dunk.”
But it isn’t a slam dunk.
Let’s stipulate that American businesses, farmers, and ranchers should be able to sell products to Russia, and that free trade is important and beneficial to the United States.
We still need to determine whether America is getting a good deal through Russia’s WTO accession, and whether more should be done to protect our interests. For example, Russia has never ratified the bilateral investment treaty that the Senate ratified years ago. That treaty would prevent Russia from expropriating businesses, an admittedly big problem in Russia. This is a very basic economic right that isn’t being protected.
In addition, one of our witnesses will discuss Russia’s failure to remit royalties, which is also not
directly covered by the WTO agreements.
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