Nov 16, 2012

McCarthy: Trade with Russia Makes Our Economy More Competitive

Washington D.C. – House Majority Whip Kevin McCarthy (CA-22) released the following statement on the passage of the Russia and Moldova Jackson-Vanik Repeal Act of 2012 (PNTR):

“The global economy is rapidly changing every day and for America to remain competitive with growing economies from around the world we must afford our businesses every opportunity to succeed. This starts by ensuring open and fair trade with countries that provide economic opportunities while also complying with international law.

“H.R. 6156 is a bipartisan bill supported by both House Republicans and the White House that provides Permanent Normal Trade Relations with Moldova and Russia paired with the Sergei Magnitsky Rule of Law Accountability Act, an appropriate replacement for what is seen as outdated restrictions provided through Jackson-Vanik. Allowing U.S. companies to benefit from Russia’s accession to the World Trade Organization puts us on a level playing field with global competitors that are currently benefiting from one of the world’s largest economies. While the economic opportunities are immense, it remains a priority that any country with whom we trade freely enforces basic human rights laws. This bill, through the Magnitsky provision, will require the President to publically list and impose visa restrictions and financial sanctions on Russian individuals responsible for gross human rights abuses, such as those against Sergei Magnitsky.

“I support any and all opportunities for America to become more competitive and Permanent Normal Trade Relations with Russia and Moldova provides just that. I look forward to President Obama signing this bill and giving American businesses an opportunity to grow and create jobs.”