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U.S.-Russia Business Council Welcomes Comments on Russia's WTO Accession By New Russian Minister

Posted on: Thursday, 27 September 2007, 21:00 CDT

WASHINGTON, Sept. 27 /PRNewswire-USNewswire/ -- The U.S.-Russia Business Council (USRBC), a trade association representing some 300 U.S. and Russian corporations, today welcomed comments by Russia's newly appointed Minister of Economic Development and Trade Elvira Nabiullina underlining her support for Russia's WTO accession and intention to honor commitments agreed to in the accession negotiations.

In comments Wednesday, Minister Nabiullina said, "We are striving to fully integrate the Russian economy into the global market and believe that joining the WTO is necessary to ensure future economic expansion." She added that, "Russia will uphold all the agreements it has already reached during the negotiations to join the WTO."

USRBC President Eugene Lawson said, "USRBC and its members fully support Russia's WTO accession and very much would like to see Russia a member of the rules-based trading system at the earliest possible time. We are heartened by news of recent progress at the bilateral and multilateral levels of discussions, and we applaud the negotiators from both countries who have been working tirelessly to move this process forward. A good amount of work still remains on some tough issues, but the commitment is there, and we urge Russia to continue this hard work to make its accession a reality."

USRBC is leading the Coalition for U.S.-Russia Trade (http://www.usrussiatrade.org/), a broad-based group of U.S. companies and trade associations committed to strengthening U.S.-Russian commercial ties, and preserving the competitiveness of U.S. firms, farmers, and workers in the Russian market. The Coalition is currently engaged in an education effort in the United States to inform members of Congress and the general public about the importance of the Russian market to U.S. firms. Once a commercially meaningful agreement is reached on Russia's WTO accession, the Coalition will work to ensure that Congress moves swiftly to graduate Russia from the Cold War-era Jackson-Vanik trade restrictions and extend Permanent Normal Trade Relations (PNTR) to Russia. U.S. companies can only take advantage of the tremendous benefits that come as a result of Russia's WTO membership if Congress passes PNTR for Russia.

USRBC members are benefiting from tremendous growth in the Russian market, which is the 10th largest in the world. Russia is also the 12th largest retail market in the world, and its IT sector is the fastest growing in the world. It is the largest U.S. export market for poultry and U.S. cars are the top selling models in the Russian market. Real disposable incomes in Russia have posted strong gains in recent years, and Russia's middle class represents nearly 25 percent of the population.

"Across sectors, U.S. businesses see great opportunity in Russia, and Russia's WTO accession will strengthen bilateral commercial relations," said Lawson.

U.S. Russia Business Council

CONTACT: Svetlana Minjack,U.S.-Russia Business Council, +1-202-739-9182

Web Site: http://www.usrbc.org/http://www.usrussiatrade.org/

Source: PRNewswire-USNewswire

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