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Statement from Acting U.S. Commerce Secretary Rebecca Blank on the Russia Trade Bill

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Wednesday, July 18, 2012

Today, Acting Secretary of Commerce Rebecca Blank commended the Senate Finance Committee’s bipartisan approval of legislation which would authorize the President to establish permanent normal trade relations (PNTR) with Russia.  The bill would terminate application of the Jackson-Vanik Amendment to Russia and authorize the President to extend permanent normal trade relations to Russia. U.S. companies would then be able to take full advantage of Russia’s growing market and approaching membership in the World Trade Organization (WTO).

“Now that Russia is entering the WTO, establishing PNTR with Russia is a common-sense move that would give American companies improved access to Russia’s growing economy.  While the United States exported more than $8 billion of goods to Russia in 2011, there is tremendous potential for growth in our trade relationship,” said Acting Secretary Blank. “The Senate Finance Committee bill marked up today will help American manufacturers and farmers compete on a level playing field, benefit from improved intellectual property enforcement, and provide new opportunities for U.S. exports, thereby creating thousands of jobs and strengthening our economy. We look forward to continued work with Congress on the specifics of the legislation and passage of this critical bill."