Posts Tagged ‘jim abrams’
Senate to vote on Russia Trade and Rights Bill
The Senate is set to endorse legislation that both normalizes trade with Russia and highlights the discord between the two countries over human rights issues.
The vote Thursday to establish permanent normal trade relations with Russia will bring considerable relief to U.S. exporters and investors anxious about losing shares of Russia’s growing market to European and Chinese competitors. It also could bring retaliation from Moscow over a provision that sanctions Russian officials who allegedly commit human rights violations.
The House passed the legislation last month on a 365-43 vote, and President Barack Obama’s administration has urged Congress to move quickly to get it to the president’s desk.
There’s a sense of urgency because Russia in August became the last major economic power to enter the World Trade Organization, committing it to lowering tariffs, removing other trade barriers, protecting intellectual property, opening up its service industries and submitting to the WTO’s dispute resolution process.
But unless Congress formally normalizes trade relations, U.S. exporters will be alone among the members of the 157-nation WTO unable to enjoy the increased market access. That puts them at a serious disadvantage in competing for sales in the world’s ninth-largest economy, with an estimated 140 million consumers.
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Bill for normal trade with Russia meets opposition
A Senate plan to lift Cold War restrictions on trade with Russia drew immediate resistance from Senate Republicans who said Congress must first address Russia’s poor human rights record and existing economic and political policies.
Senate Finance Committee Chairman Max Baucus, D-Mont., on Tuesday introduced bipartisan legislation to normalize trade relations with Russia by repealing the 1974 Jackson-Vanik act that tied trade with the then-Soviet Union to Moscow’s allowing Jews and other minorities to leave the country.
The repeal of Jackson-Vanik is necessary if U.S. businesses are to enjoy the lower tariffs and increased access to Russian markets that will become available when Russia joins the World Trade Organization this summer. Supporters of normalized trade said it could lead to a doubling of U.S. exports to Russia.
“Jackson-Vanik served its purpose during the Cold War, but it’s a relic of another era that now stands in the way of our farmers, ranchers and businesses pursuing opportunities to grow and create jobs,” Baucus said in a statement.
Baucus was joined in sponsoring the bill by Senate Foriegn Relations Committee chairman John Kerry, D-Mass., and Republicans John McCain of Arizona and John Thune of South Dakota.
But eight Finance Committee Republicans, led by ranking Republican Orrin Hatch of Utah, wrote a letter to Baucus saying that Congress cannot ignore ongoing issues with Russia in moving to normalize trade relations.
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