U.S. Chamber Welcomes WTO Accession Agreement With Russia

WASHINGTON, DC-The U.S. Chamber of Commerce today welcomed the conclusion of bilateral negotiations between the United States and the Russian Federation on Russia's accession to the World Trade Organization (WTO).

"While we are still studying the details, this agreement appears to open the door to Russia's entry into the global trading system on commercially strong terms," said Lt. Gen. Daniel W. Christman (ret.), the Chamber's senior vice president for international affairs. "We look forward to completion of the final multilateral agreement."

Congress must grant Russia Permanent Normal Trade Relations (PNTR) status before the two countries can put their WTO agreement into effect. Granting PNTR to Russia will allow U.S. firms to enjoy the full benefits of Russia's new market openings.

To join the WTO, Russia has been negotiating bilateral agreements with each of the organization's 149 members. The agreement with the U.S. is one of the last hurdles facing Russia's accession. The Chamber has been an active participant in the negotiations since Russia's first bid to join the WTO in the early 1990s, conferring with trade officials and business leaders from both countries, as well as members of Congress.

"We will continue to work closely with the Russian, U.S., and other governments as well as the business community to ensure that these commitments on market access, intellectual property protection, and services liberalization are fully implemented," Christman added. "If it lives up to its WTO commitments, Russia will offer major new commercial opportunities for U.S. companies, reap the benefits of fair competition, and become a responsible and reliable participant in global markets."

The U.S. Chamber is the world's largest business federation, representing more than 3 million businesses and organizations of every size, sector, and region.

www.uschamber.com

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