“Russia’s membership in the World Trade Organization (WTO) means that we as farmers and ranchers have more opportunities to sell them our products,” Zack said.
President Barack Obama signed the Permanent Normal Trade Relations (PNTR) with Russia into law on Dec. 14. PNTR was approved in a 92-4 vote on Dec. 6. It was approved in the House in November with a 365-43 vote.
Russia formally joined WTO in August. PNTR had to be approved by law to ensure the U.S. reaps the full benefit of Russia’s WTO membership.
“This new law is very important because it brings more predictability and safety standards to the trade process,” Zack said.
PNTR solidifies Russia’s promise not to impose tariffs on U.S. exports above the negotiated rates and applies international food safety standards. Increased trade with Russia is expected to benefit several sectors of American agriculture, including sales of beef, poultry and pork.