11/29/2012Advisor Newsletters - AEM Advisor
AEM praised the U.S. House of Representatives for approval of a bill establishing Russia permanent normal trade relations (PNTR) because it will create U.S. jobs and help American equipment manufacturers. AEM then called on Congress to work together to ensure the bill’s final passage.
“I thank the House of Representatives for their action to establish permanent normal trade relations with Russia,” AEM President Dennis Slater said. “Exports to Russia are a bright spot in the U.S. economy, but American exporters pay tariffs applied at rates up to 25 percent.
“As of mid-2012, Russia had purchased at least $405 million worth of American-made construction equipment. Removing this barrier with Russia is now more important than ever and this action by the House will help to improve the U.S. economy and job creation here at home. I implore Congress to work together to ensure that this bill reaches the president’s desk without delay.”
The U.S. must grant Russia PNTR status in order for American exporters to enjoy the same market opportunities as other World Trade Organization (WTO) countries. Under current law, that status may not be granted until Congress votes to repeal the Jackson-Vanik amendment.
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