Office of the Spokesperson
June 20, 2012
The following op-ed written by Secretary Clinton is appearing in print in the Wall Street Journal and online at Wall Street Journal:
Later this summer, Russia will join the World Trade Organization (WTO) in the culmination of a process that began nearly two decades ago. This is good news for American companies and workers, because it will improve our access to one of the world’s fastest-growing markets and support new jobs here at home.
U.S.-Russian bilateral trade isn’t reaching anything close to its full potential today. While that trade has increased over the past few years, America’s exports to Russia still represent less than 1% of our global exports. Given the potential for expanding these links, Russia’s WTO membership will be a net benefit for our economy.
But there is one obstacle standing in the way. American businesses won’t be able to take advantage of this new market opening unless Congress terminates the application of the Jackson-Vanik Amendment and extends “permanent normal trading relations” (PNTR) to Russia. MORE.