WASHINGTON (KATV) - The U.S. Senate passed a new trade bill with Russia, bringing more job opportunities to Arkansas, according to U.S. Senator John Boozman (R-AR).
The move removes 40 years' worth of trade restrictions
that had prevented Arkansas businesses from being able to maximize the Russian
market.
"Arkansas's economy stands to really benefit
from tearing down these artificial trade barriers. Last year, Arkansas exported
$56 million worth of goods to Russia. The more we can increase trade abroad,
the more opportunities we have to add jobs here at home," Boozman said.
Earlier this year, Russia formally entered
the World Trade Organization (WTO). In order to be accepted into the
organization, Russia agreed to lower its import tariffs, strengthen
intellectual property protections, and resolve problems through a rules-based
dispute resolution system. The Russia Trade Bill makes normal trade
relations permanent between the U.S. and Russia, allowing U.S. companies to
take advantage of the new trade rules that the WTO's other 155 members
enjoy. The bill—which also includes important human rights provisions
that would deny visas and freeze the financial
assets of Russian officials thought to be involved in human rights
violations—overwhelmingly passed the House of Representatives last month and
now goes to President Obama for his signature.
"This bill is a job creator and the President
needs to sign it right away. Each day that we wait to increase engagement
in the Russian market, other nations increase their foothold. Passage of this
bill helps even that playing field in today's competitive global market.
That's going to result in jobs here at home," Boozman said.
Normalizing trade relations with Russia will
create additional economic opportunities for Arkansas manufacturers, farmers
and ranchers. Trade with Russia has created positive benefits for
Arkansas's machinery, aerospace and poultry sectors which combined makeup 86
percent of our state's exports to Russia.
"Arkansas companies have showed they can
successfully compete in the Russian market. We have a chance to make
further inroads in a growing market of 140 million consumers through passage of
this bill. A growing market equals more jobs in Arkansas," Boozman said.
