Permanent Normalized Trade Relations
On Friday, the House approved – in an overwhelmingly bipartisan manner – the Russia and Moldova Jackson-Vanik Repeal Act of 2012 (H.R. 6156). This common-sense legislation would establish Permanent Normalized Trade Relations (PNTR) with Russia and Moldova and provide a much-needed boost to the U.S. economy. PNTR would double exports to Russia in five years and help create jobs across every sector of our economy, especially in manufacturing, agriculture, and the service industry.
With the world’s 9th largest economy and a population of 142 million, Russia provides United States companies and workers with great potential to export more goods and services. Additionally, Texas is the top exporter to Russia in the U.S. and exported $1.6 billion worth of goods to Russia in 2011. These exports directly supported an estimated 4,100 jobs. I am pleased that the Members of the House came together this week to pass legislation that will help grow our economy and allow America to remain competitive with the world.