Senate Finance Hears from Russia PNTR Supporters at Hearing
On March 15, 2012, the Senate Finance Committee held a hearing on the implications for the U.S. of Russia's accession to the World Trade Organization (WTO). Committee Chairman Baucus (D-MT) and private sector witnesses favored the repeal of the Jackson-Vanik's application to Russia and establishment of permanent normal trade relations (PNTR) to the country. Baucus stated that Russia is the largest economy currently outside the WTO and the sixth-largest economy in the world. To allow U.S. businesses and exporters to benefit from Russia's WTO accession, Baucus and others stated that Congress must act soon.
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However, Senator Kyl (R-AZ) was not in favor of such actions and stated that the U.S. still needs to consider whether it should do more to protect its interests. Kyl stated that repeal of the Jackson-Vanik and extension of PNTR to China has not prevented it from violating its WTO commitments and that a more thorough examination of certain issues with respect to Russia should be considered before such actions are taken.
(The Jackson-Vanik denies normal trade relations to Communist and former Communist countries, unless the President determines that the country permits free and unrestricted emigration of its citizens. Witnesses at the hearing include representatives from the companies Deere & Company; GE Russia/CIS; Montana Stockgrowers Association; and the American Society of Composers, Authors, and Publishers.)
(See ITT's Online Archives 12031253 for summary announcing this hearing. See ITT's Online Archives 12030814 for summary of the Administration working closely with USTR to repeal the Jackson-Vanik for Russia, but that no bill has yet been introduced.)
Committee press release (dated 03/15/12) is available here.
Member statements and witness testimony are available here.