"In the last five years, Caterpillar exports from the U.S. to Russia have totaled about $2 billion, but we think PNTR will pave the way for increased exports for American made products and agricultural items," Oberhelman said. "Establishing PNTR puts Caterpillar on equal footing with our competitors from other countries, most of who already benefited from Russia's entry into the WTO. We expect it will also benefit our Russian customers. Along with WTO membership, PNTR provides a framework for Russia and the United States to expand trade on a level playing field for both countries, while expanding free market principles," Oberhelman said.Since 1992, the United States has maintained Normal Trade Relations (PNTR) with Russia on a temporary, year-to-year basis. The WTO, however, requires its members give each other PNTR, and until today, the U.S. was the only WTO member country that had not established normal trade ties with Russia.
Caterpillar Chairman Attends White House Bill Signing For Russia PNTR Legislation; Praises Bipartisan Leadership That Positions The United States To Increase Exports And Jobs
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