Russia Officially Joins the World Trade Organization: What it Means for American Businesses and Workers

 

 

August 23 – After 18 years of negotiations, on August 22, Russia officially joined the World Trade Organization (WTO) as the 156th member. The WTO provides a set of rules for international trade that all members agree to comply with. In addition, the WTO has a formal dispute resolution process that a Member can use if it believes that another Member has violated its WTO obligations.

 

As a result of Russia’s membership in the WTO, American businesses, farmers, ranchers and service suppliers could have new market opportunities in one of the world’s largest and most vibrant economies. Currently, as Ambassador Kirk stated, American companies will not be able to enjoy the full benefits of Russia’s WTO membership. That is why the Administration is working closely with Congress to secure legislation terminating the application to Russia of the Jackson-Vanik amendment, which currently precludes permanent normal trade relations with Russia. When adopted, legislation authorizing PNTR with Russia will provide American businesses, workers, farmers, ranchers and service suppliers the same opportunity to enjoy the full benefits of Russia’s WTO Membership that their counterparts in other WTO Members have now.

 

Russia is currently our 31st largest export market. In 2011, the U.S. exported over $8 billion in goods to Russia, up 38% from 2010. The top export categories were machinery, vehicles, and aircraft. Agricultural exports to Russia totaled $1.2 billion, making Russia the 19th largest Agricultural export market.

 

For a more in-depth view of how Russia’s accession to the WTO will benefit America’s economy, please visit our website atwww.ustr.gov/russia.

Advertisements

About Alexander Gordin
An international merchant banking professional with over twenty years of business operating and advisory experience in the areas of export finance, international project finance, risk mitigation and cross-border business development. Clients include foreign governments, municipalities and state enterprises as well as Fortune 500 and small/medium enterprises. Strong entrepreneurial instincts, combined with leadership and strategic skills. Transactional and negotiations experience in over thirty five countries. Author of the highly acclaimed "Fluent in Foreign Business" book and creator of the "Fluent in OPIC", "Fluent in EXIM","Fluent In Foreign Franchising", "Fluent in FCPA",and "Fluent in USTDA" seminar/webinar series. Currently developing "Fluent In ......" seminars and publications. Co-author of the Fi3 Country Business Appeal Indices. Extensive international business development and project finance transaction experience in healthcare, aerospace, ICT, conventional and alternative energy infrastructure, distribution and hospitality industries. Experience managing international public and private corporations. Co-Founded three companies abroad. Strong Emerging and Frontier Market expertise. Published and featured in numerous publications including: The Wall Street Journal, Knowledge@Wharton, NBC.com, The Chicago Tribune, Industry Week, Industry Today, Business Finance, Wharton Magazine Blog, NY Enterprise Report, Success magazine, Kyiv Post and on a number of radio and television programs including: Voice of America, CNBC, CNNfn, and Bloomberg. Frequent speaker on strategy, cross-border finance and international business development. Executive MBA from the Wharton School at the University of Pennsylvania. B.S. in Management of Information Systems from the Polytechnic Institute of NYU. Specialties Strategic Management Advisory, Export Finance, International Project Finance & Risk Management, Cross-border Negotiations, Structured Finance transactions, Senior Government and Corporate officials liason

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Site Title

“Love recognizes no barriers. It jumps hurdles, leaps fences, penetrates walls to arrive at its destination full of hope.” — Maya Angelou

Museum of International Trade & Merchant Banking (MoMBIT)

chronicling the importance of international trade and merchant banking in the global development

Fluent In Foreign Business

Helping To Grow Your Business Abroad

Emerging Market Insights

How to make a killing in Emerging Markets without losing your shirt?

Ideas That Work @ GIDASPOV.COM

Strategy | Creativity | Innovation | Fundraising | Marketing

Nu Leadership Revolution Blog

“Helping Emerging Leaders Gain the Competitive Advantage in the Future"

Mike Z's Blog

Exploring the causes of cancer throughout the world

Bucket List Publications

Indulge- Travel, Adventure, & New Experiences

FranchisEssentials

Sharing Information, Insight and Perspective about Franchising, Small Business and Entrepreneurship

bizrisk.wordpress.com/

We Help Insurance Agencies Stand Out

The WordPress.com Blog

The latest news on WordPress.com and the WordPress community.

%d bloggers like this: