12/20/2012Advisor Newsletters - AEM Advisor
American equipment manufacturers will likely see huge economic benefits from a law strongly supported by AEM that establishes Permanent Normal Trade Relations (PNTR) with Russia.
President Obama signed a bill repealing the Jackson-Vanik amendment into law on December 14. It had earlier passed both the U.S. Senate and House of Representatives by overwhelmingly bipartisan votes. The Jackson-Vanik amendment prevented U.S. exporters from enjoying the same market opportunities with Russia as other World Trade Organization (WTO) countries.
“I thank President Obama and Congress for working together to ensure that U.S. manufacturers and exporters are now able to enjoy the same trade opportunities with Russia as other WTO countries,” said AEM President Dennis Slater. “Their bipartisanship on this issue will help to improve trade and access to the Russian market and create jobs and opportunities for equipment manufacturers here in the U.S.”
As one of the world’s fastest growing economies, Russia offers immense economic prospects for U.S. equipment manufacturers. As of midyear 2012, Russia had already purchased at least $405 million worth of American-made construction equipment and $233 million of U.S.-built agricultural equipment. Russia is also one of the fastest growing markets for agricultural equipment.
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.
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