Senate Finance Committee Okays Russian Trade Bill

By CnAgri2012-07-19 19:07:05 Print

The American Soybean Association congratulates the Senate Finance Committee on its unanimous passage of a draft bill that would establish permanent normal trade relations with Russia, the world's sixth largest economy. Farm groups say they are now encouraging the Senate to take up the bill as quickly as possible, and for the House to move forward with a companion bill in order for the U.S. to capitalize on Russia's accession package to the World Trade Organization.

American Soybean Association President Steve Wellman says importing more than $770 million in meat, poultry, egg and dairy products in 2011, Russia is an important market for the U.S. soy industry.

"Today's unanimous passage of the draft bill establishing PNTR with Russia is a very encouraging move by the Senate Finance Committee, and we congratulate Committee Chairman Baucus and Ranking Member Hatch on their work to solidify U.S. business opportunities abroad," said Wellman, a soybean farmer from Syracuse, Neb. "The demand in Russia for poultry, pork, eggs, dairy products and other items that use soy inputs is already significant and continues to grow as the Russian economy grows."

ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry.