ThomasNet News Logo
Sign Up | Log In | ThomasNet Home | Promote Your Business

NEMA Welcomes Senate Vote to normalize US-Russia trade.

Print Story
Print | 
email story Email |  Comment Comment   Share facebook twitter reddit StumbleUpon Delicious Digg  
December 13, 2012 - NEMA welcomed bipartisan approval by U.S. Senate of legislation to grant permanent normal trade relations status (PNTR) to Russia and provide access for U.S. businesses to benefits associated with world's ninth largest economy's entry into rules-based international trading system. According to NEMA President and CEO Evan Gaddis, this legislation enables manufacturers and service providers to compete on fair and level playing field with foreign competitors in Russia.

(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Original Press Release

National Electrical Manufacturers Association (NEMA)
1300 N. 17th St., Suite 1847-T
Rosslyn, VA, 22209
USA



NEMA Welcomes Senate Vote to Permanently Normalize U.S.-Russia Trade Relations


ROSSLYN, Va. – National Electrical Manufacturers Association (NEMA) today welcomed bipartisan approval by the United States Senate of legislation to grant permanent normal trade relations status (PNTR) to Russia and provide access for U.S. businesses to the benefits associated with the world’s ninth largest economy’s entry into the rules-based international trading system.

The Russian Federation formally joined the World Trade Organization (WTO) on August 22, 2012, after many years of negotiations with the U.S. and other major trading partners. After overwhelming House passage of the bill, H.R. 6156, in November, the Senate vote clears the way for the president’s signature.

According to NEMA President and CEO Evan Gaddis, this legislation gives manufacturers and service providers the opportunity to compete on a fair and level-playing field with foreign competitors in Russia.

“Following the strong House vote three weeks ago, I commend the Senate for its action. NEMA urges the president to sign the bill into law as soon as possible,” Gaddis said.

The U.S. electroindustry exported more than $265 million worth of equipment to Russia in 2011, making it only the 27th largest export market. U.S. electroindustry companies are also indirect exporters as suppliers of parts, components, and equipment to other companies that trade with Russia. A significant potential for growth in U.S. electroindustry exports to Russia is clear, given the size of the markets, the infrastructure needs, the permanent lowering of trade barriers, and the greater transparency of regulation and protection of intellectual property rights required under WTO disciplines.

The Senate voted 92-4 to remove Cold War–era restrictions that made normal U.S.-Russia trade relations contingent on an annual process. Under WTO rules, each member must afford the others PNTR status in order to have access to the commercial and legal benefits of each country’s membership. Since August, U.S. companies have been at a commercial disadvantage relative to other potential suppliers to Russian customers.

NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.

NEMA. Setting Standards for Excellence
Visit our website at www.nema.org
Print Story
Print | 
Email |  Comment   Share  
Contacts: View detailed contact information.


 

Post a comment about this story

Name:
E-mail:
(your e-mail address will not be posted)
Comment title:
Comment:
To submit comment, enter the security code shown below and press 'Post Comment'.
 



 See related product stories
More .....
 See more product news in:
Services
 More New Product News from this company:
NEMA Fluorescent Lamp Indexes show 4Q 2010 and yearly figures.
More ....
| Featured Manufacturing Jobs
 Other News from this company:
NEMA Publishes Revised NEMA MG 1 Condensed
NEMAs Congratulates Southwires Stuart Thorn on Copper Man of the Year Honor
NEMA Publishes ANSI/NEMA MW 1000-2014 Magnet Wire
NEMA Commends Senate Finance Committee's Extension of 179D Tax Deduction
NEMA Commends Senate Trio on Commercial Building Energy Efficiency Incentive Legislation
More ....
 Tools for you
Watch Company 
View Company Profile
Company web site
More news from this company
E-mail this story to a friend
Save Story
Search for suppliers of
Trade Associations


Home  |  My ThomasNet News®  |  Industry Market Trends®  |  Submit Release  |  Advertise  |  Contact News  |  About Us
Brought to you by Thomasnet.com        Browse ThomasNet Directory

Copyright © 2014 Thomas Publishing Company. All Rights Reserved.
Terms of Use - Privacy Policy



Error close

Please enter a valid email address