New Bill To Enhance Trade Between U.S., Russia, Moldova
A bill enacted by Congress in late 2012 grants the President the authority to establish Permanent Normal Trade Relations (PNTR) with Russia and Moldova — which could mean a significant increase in exports to both regions, and more opportunities for major U.S. companies abroad.
The measure was approved after Russia became one of the last major global economies to join the World Trade Organization (WTO). Lacking normal trade status, a number of major American companies have not previously had the opportunity to trade with Russia; this new legislation could pave the way for them to do.
The two moves combined will lift trade barriers between the three countries. U.S. exports to Russia had already more than doubled in the last decade — an upward trend that could experience an even more significant spike in the wake of normalized trade relations.
“Establishing Permanent Normal Trade Relations with Russia and Moldova is a critical step to ensuring that our businesses are able to compete on a level playing field and that they enjoy increased access to these growing markets,” said Acting U.S. Commerce Secretary Rebecca Blank.