U.S. Chamber, NFTC Say Congress Should Okay PNTR as Russia Accedes to WTO
Congress should approve Permanent Normal Trade Relations with Russia as it became the 156th member of the World Trade Organization (WTO), said U.S. Chamber of Commerce President Thomas Donohue. Russia became a full member of WTO effective Aug. 22, the WTO Said. Russia’s accession, along the upcoming accession of Vanuatu on Aug. 24, brings the total number of WTO members to 157. From its accession date, Russia has committed to fully apply all WTO provisions, “with recourse to very few transitional periods,” the WTO said.
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On average, Russia will apply a final bound tariff for 7.8% for goods and has made specific commitments on 11 services sectors, the WTO said.
Vanuatu, which will fully apply all WTO provisions, and required transitional periods on intellectual property and on the publication of trade information, will apply an average final bound rate of 39.7% and has made specific commitments on 10 services sectors, the WTO said.
The Chamber's Donohue said "more than 150 countries will benefit as Russia today enacts reforms to open its market, protect intellectual property, and strengthen the rule of law. ... The whole world is ready — except the United States. Until Congress approves PNTR with Russia, Moscow will be free to deny the United States the full benefits of its reforms." Donohue said PNTR "exclusively benefits Americans selling their goods and services in the Russian market. The United States gives up nothing -- not a single tariff -- in approving it."
The National Foreign Trade Council (here) said Congress should pass permanent normal trade relations legislation immediately upon returning to Washington following the August recess. NFTC President Bill Reinsch said as Russia joins World Trade Organization, the U.S. "has an opportunity to become a bigger economic player in one of the fastest-growing economies in the world --- but only if Congress passes PNTR legislation. ... If Congress does not act quickly, American companies, exporters and workers will be at a competitive disadvantage in the Russian market.”