The U.S. Senate may vote as early as today on the pending 2012 Russia and Moldova Jackson-Vanik Repeal Act, which many industry groups say would open their trade opportunities in Russia.
The House overwhelmingly passed the bill (H.R. 6156) without amendment on Nov. 16. The bill, if passed by the Senate and signed into law by President Obama, 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.
“We call on the Senate to vote yes on the Russia and Moldova Jackson-Vanik Repeal Act as quickly and in the same bipartisan fashion as their counterparts in the House of Representatives,” said American Soybean Association President Steve Wellman in a statement. “By establishing PNTR with Russia, American soybean farmers can reap the benefits of more than 140 million consumers and a fast-growing economy, which last year imported more than $770 million in American meat, poultry, egg and dairy products, each of which require soybean meal as feed in the production process.
“Until the U.S. graduates Russia from the Jackson-Vanik Amendment and establishes PNTR, we will not be able to fully access the Russian market without penalty. With this bill signed into law, our farmers can compete in one of the world’s largest and most promising economies,” he added.
Senate may act on Russia PNTR bill
