The Senate granted permanent normal trade relations for Russia. If signed into law by President Barack Obama, the measure would graduate Russia from the Jackson-Vanik Amendment to the Trade Act of 1974, and establish permanent normal trade relations (PNTR) with the world’s ninth-largest economy.
The House overwhelmingly passed its version of the bill, H.R. 6156, on November 16.
“The Senate’s passage today of legislation granting Permanent Normal Trade Relations with Russia will ensure the U.S. benefits from Russia’s accession to the World Trade Organization and remains competitive in that market. We applaud Senate members for approving this critical legislation,” said Bob Stallman, president of the
American Farm Bureau Federation. “America’s farmers and ranchers will have more certain and predictable market access as a result of Russia’s commitment not to raise tariffs on any products above the negotiated rates and to apply international food safety standards in a uniform and transparent manner. Russia’s membership in the WTO will provide significant commercial opportunities for U.S. agriculture, including increased sales of poultry, pork and beef.”