Opens New Export Opportunities for U.S. Businesses
San Jose, Calif. — December 11, 2012 — SEMI praised Congressional leadership last week as the U.S. Senate passed legislation (92-4 vote) to normalize trade relations with Russia. The House of Representatives voiced similarly overwhelming support (365-43 vote) on November 16. The Russia and Moldova Jackson-Vanik Repeal Act (H.R. 6156) now awaits President Obama’s approval. The Act allows American companies to receive the full benefits of Russia’s recent accession to the World Trade Organization (WTO) by waving an outdated, Cold War-era amendment that restricted trade.
Rep. Dave Camp (R-Mich.) introduced H.R. 6156, which will allow U.S. businesses to benefit from lower tariffs following Russia’s recent WTO ascension. Once signed by the President, this legislation will provide the impetus to double U.S. exports to Russia over the next five years. The establishment of PNTR with Russia is a major victory for U.S. goods and services providers who will benefit from equal access to the world’s ninth largest market.
Russia formally joined the World Trade Organization (WTO) in August and has since implemented a host of economic reforms to further open their market to foreign investment. With passage of PNTR, the U.S. will stimulate job creation and economic growth and level the playing field with the many WTO nations already enjoying unrestricted trade with Russia.
SEMI applauds the efforts of the Senate Finance Committee and House Ways and Means Committee for working together to get this legislation passed.
SEMI is the global industry association serving the manufacturing supply chains for the microelectronic, display and photovoltaic industries. Our 2,000 member companies are the engine of the future, enabling smarter, faster and more economical products that improve our lives. Since 1970, SEMI has been committed to helping members grow more profitably, create new markets and meet common industry challenges. SEMI maintains offices in Austin, Beijing, Bengaluru, Berlin, Brussels, Grenoble, Hsinchu, Moscow, San Jose, Seoul, Shanghai, Singapore, Tokyo, and Washington, D.C. For more information, visit www.semi.org.
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