SPI, U.S. Plastics Industry Applaud Passage of H.R. 6156 and PNTR with Russia
11 Dec, 2012
The Senate voted 92-4 to pass the Russia and Moldova Jackson-Vanik Repeal Act of 2012 (H.R. 6156). The legislation establishes permanent normal trade relations (PNTR) with Russia and repeals the 1974 Jackson-Vanik Amendment. The bill, previously supported by the House, now heads to President Obama for his signature.
William R. Carteaux, president and CEO of SPI: The Plastics Industry Trade Association, issued the following statement regarding the passage of this legislation.
"On behalf of SPI members and the U.S. plastics industry, I want to applaud the Senate for passing the Russia and Moldova Jackson-Vanik Repeal Act (H.R. 6156). By establishing permanent normal trade relations (PNTR) between the United States and Russia, this legislation allows U.S. plastics companies to take full advantage of Russia’s membership in the World Trade Organization and increase exports to a Russian market eager for our products.
“Without this legislation, our global competitors would be the only beneficiaries of Russia’s WTO accession and U.S. manufacturing would miss out on a much needed boost to job creation and economic growth that a level playing field in the world’s 9th largest economy will bring.
“The President’s Export Council estimates that U.S. exports of goods and services to Russia --which were more than $11 billion in 2011 -- could double or triple with the approval of Russia PNTR. In 2011, Russia was the 27th largest export market for the U.S. plastics industry, totaling more than $377 million. From 2000 to 2011, exports to Russia grew by almost 700 percent.
“Our SPI advocacy team worked many hours in an effort to convince Congress to open up market access for American manufacturing companies by passing this bill. I want to thank SPI members for their grassroots support in letting their representatives know how important it is to their company’s bottom line and the nation’s economy to gain entry into new markets. I urge President Obama to signthis bill into law.”
Founded in 1937, SPI is the plastics industry trade association representing the third largest manufacturing industry in the United States. SPI's member companies represent the entire plastics industry supply chain, including processors, machinery and equipment manufacturers and raw materials suppliers. The U.S. plastics industry employs nearly 900 thousand workers and provides $341 billion in annual shipments.