12/10/2012Advisor Newsletters - AEM Advisor
AEM is urging the President to swiftly sign a bill passed by the U.S. Senate last week that would immediately end the competitive disadvantage faced by American equipment manufacturers in the Russian market.
The bill establishes permanent normal trade relations (PNTR) with Russia and repeals the Jackson-Vanik amendment that prohibits U.S. exporters from enjoying the same market opportunities with Russia as other World Trade Organization (WTO) countries.
Passed by the U.S. House of Representatives in November, the bill received Senate approval December 7 by an overwhelmingly bipartisan vote of 92-4. It now goes to the President for his signature.
AEM has been an active supporter of establishing PNTR with Russia and has worked closely with Members of Congress on both sides of the aisle to ensure that American exporters benefit economically from Russia’s entry into the WTO.
American exports have been a bright spot in America’s economy, with Russia purchasing at least $405 million worth of American-made construction equipment as of mid-2012. But upon Russia’s entry to the WTO this year, American manufacturers continue to pay tariffs applied at rates up to 25 percent.
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