WASHINGTON (Dec. 7, 12:05 p.m. ET) — Resin suppliers and plastics trade groups are urging President Obama to sign legislation that would establish permanent normal trade relations with Russia.
“Without this legislation, our global competitors would be the only beneficiaries of Russia's WTO [World Trade Organization] 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,” said Bill Carteaux, president and CEO of the Washington-based Society of the Plastics Industry Inc., in a written statement.
The U.S. Senate voted 92-4 to pass the Russia and Moldova Jackson-Vanik Repeal Act of 2012.
Carteaux pointed to data from the President's Export Council, which 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 normal trade relations.
“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,” he said.
Companies that publicly called for approval of the bill include Dow Chemical Co. and DuPont Co.