The Senate Finance Committee has unanimously approved the bill establishing permanent normal trade relations with Russia. Finance Chair Max Baucus said the committee took a major step forward to seize the opportunity to boost U.S. exports to Russia and create jobs needed here at home. Pointing out that Russia will formally be a member of the World Trade Organization next month – Baucus said Congress has that as a deadline for passing PNTR. If Congress misses that deadline – he said American farmers, ranchers, workers and businesses will lose out to the other 154 members of the WTO that already have PNTR with Russia.
The American Soybean Association urged the Senate to take up the bill as quickly as possible and called on the House to move forward with a companion bill. Importing more than 770-million dollars in meat, poultry, egg and dairy products in 2011 – ASA notes Russia is an important market for the U.S. soy industry. Steve Wellman – the group’s President – says the Finance Committee’s vote moves the soy industry one step closer to expanding an already beneficial and positive relationship with a valuable partner.
Source NAFB News Service