House Ways and Means Committee Passes Russia Trade Bill

By CnAgri2012-07-27 19:35:00 Print

In a near-unanimous vote on Thursday, the House Ways and Means Committee approved a bill that would grant Russia permanent most-favored nation status once it enters the World Trade Organization. Only Rep. Bill Pascrell (D-NJ) opposed the legislation.

"Russia抯 ascension to the WTO will happen on August 22, giving our foreign competitors more access to the Russian market," said Committee Chair Dave Camp (R-Mich.). "Today抯 committee vote moves us one step closer to ensuring we have a level playing field when competing to sell our goods and services to the growing Russian market, which will help create more American jobs."

Russia is an important market for U.S. soy and products that use soy as inputs, importing more than $770 million in meat, poultry, egg and dairy products in 2011.

The bill now awaits action by the full House of Representatives.