Congressman Larry Bucshon Applauds Passage of Russia PNTR

Congressman Bucshon (IN-08) states:

“I am proud to support Russia PNTR in order to put American goods on a level playing field with the rest of the world with Russia joining the World Trade Organization in August. Increasing Indiana’s exports to Russia will benefit the manufacturing and agriculture industries in Indiana’s 8th District and help create jobs for hardworking Hoosiers. I am pleased we were able to support American jobs and exports in a bipartisan manner.”

Norm Bafunno, President Toyota Motor Manufacturing, Indiana states:

“Toyota is planning to start Indiana-built Highlander exports to Russia next fall. Without US passing Russian PNTR, our exports to Russia could face a higher tariff than exports from other countries going into Russia. Passing Russian PNTR is very important for Toyota to maintain our US competitiveness in the Russian market.”

Don Villwock, Indiana Farm Bureau president states:

“Congressman Bucshon understands the importance of trade to Indiana farmers. Passing PNTR allows for Indiana farmers, particularly pork and poultry producers, to gain more competitive access to a significant market and economic opportunity.”

Eli Lilly and Company states:

“Eli Lilly and Company (Lilly) applauds the strong House vote passing Permanent Normal Trade Relations (PNTR) with Russia. Russia’s accession into the World Trade Organization provides innovative biopharmaceutical companies strong intellectual property and foreign investor protections.

“Without Congressional passage of PNTR, U.S. investors such as Lilly do not have these critical protections and that is why today’s House vote was such an important step towards passage of PNTR. Lilly particularly applauds the strong vote by the Indiana delegation. Emerging markets such as Russia are critical to the future growth of Lilly and hence keeping good jobs in Indiana.

“We urge the Senate to move expeditiously in this lame duck session to pass PNTR so that Lilly and other U.S. companies are not left behind in the Russian marketplace.”

Background:

A recent report by the Business Roundtable stated Indiana exported more than $80 million work of goods to Russia in 2011, supporting 225 jobs directly. The report can be viewed here.

In August, Russia joined the World Trade Organization (WTO). The PNTR allows the United States to take advantage of economic opportunities created by the concessions that Russia made to join the WTO, including: lowering tariffs, providing greater market transparency, protecting intellectual property rights, and abiding by the WTO’s rules of international trade.

American agriculture exports over $1.4 billion to Russia annually, primarily poultry, pork and beef products.

On July 13, 2012, Congressman Bucshon joined 72 fellow House Republican freshmen in a letter to President Obama expressing their commitment in working towards granting Russia permanent normal trade relations. The letter can be read here.