Russia's WTO Membership will increase exports.
Press Release Summary:
December 21, 2011 - NAM welcomes Russia's formal invitation to join the World Trade Organization, which will provide manufacturers in America with access and protections to Russia's market. NAM has also launched the Russia Trade Relations Task Force, which will focus on trade relations with Russia and advocate importance of passage of Permanent Normal Trade Relations for Russia. Task Force will be chaired by Daniel Cruise, VP for Global Public and Government Affairs at Alcoa, Inc.
Original Press Release
Manufacturers: Russia's WTO Membership Will Increase Exports
Press release date: December 19, 2011
Washington, D.C., - The National Association of Manufacturers (NAM) welcomes Russia's formal invitation to join the World Trade Organization (WTO), which will provide manufacturers in America with access and protections to Russia's market. The NAM has also launched the Russia Trade Relations Task Force, which will focus on trade relations with Russia and advocate the importance of passage of Permanent Normal Trade Relations (PNTR) for Russia.
"By joining the WTO Russia is agreeing to reduce trade barriers and increase transparency and accountability, which will benefit manufacturers in the U.S. and help increase exports to this large market," said NAM Vice President for International Economic Affairs Frank Vargo. "In order to truly benefit from Russia's WTO membership, Congress must pass legislation that provides Permanent Normal Trade Relations for Russia. The NAM's task force will work to educate members of Congress about the importance of passing PNTR to help grow exports which will create jobs."
The NAM's Russia Trade Relations Task Force will be chaired by Daniel Cruise, Vice President for Global Public and Government Affairs at Alcoa, Inc.
Manufacturers in the United States export $6 billion annually to Russia, and clearly there is room for growth. Russia joining the WTO is another positive step on the way to reaching the goal of doubling exports by 2014, but we still have a long way to go. Additional free trade agreements are needed. Dozens of agreements are being negotiated all over the world right now, and the U.S. is party to only one.
The NAM has laid out a comprehensive blueprint to keep manufacturing in the United States competitive, entitled A Manufacturing Renaissance: Four Goals for Economic Growth. The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.