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NEMA welcomes House vote on U.S.-Russia trade.
Press Release Summary:
Nov 30, 2012 - NEMA congratulated strong bipartisan vote by House of Representatives to approve legislation to grant permanent normal trade relations status to Russia and provide access for U.S. businesses to the benefits of the entry of world's ninth largest economy into rules-based international trading system. Russian Federation formally joined the World Trade Organization on August 22, 2012, after many years of negotiations with the U.S. and other major trading partners.
Original Press Release
NEMA Welcomes House Vote on U.S.-Russia Trade
Press release date: Nov 16, 2012
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. House passage of the bill, H.R. 6156, clears the way for Senate action later this month.
“Giving our manufacturers and service providers the opportunity to compete on a fair and level-playing field with foreign competitors in Russia is a good first step,” said NEMA President and CEO Evan R. Gaddis. “NEMA urges the Senate to act quickly to approve this legislation.”
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 House voted 365-43 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 permanent normal trade relations 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.
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