(Posted Fri. Nov 16th, 2012)
Nov 16: Today, the House of Representatives approved legislation granting Russia Most Favored Nation status. The National Corn Growers Association previously urged Congress to lift the Jackson-Vanik restrictions thereby allowing farmers to take advantage of a more open and level playing field with Russia. The Senate Finance Committee passed the legislation in July. Full Senate consideration is expected after Thanksgiving.
“America’s farmers will be able to take advantage of lowered trade barriers that result from repealing Jackson-Vanik,” NCGA Trade Policy and Biotechnology Action Team Chair Jim Zimmerman said. “The Senate must act soon so other WTO members cannot take advantage of a more level trade playing field before our farmers.”
Russia joined the World Trade Organization in August. However, the United States Congress needed to take steps to lift the Jackson-Vanik amendment and grant permanent normal trade relations in order for America’s farmers to benefit from Russia’s guaranteed tariff treatment and obligation to apply science-based sanitary and phytosanitary standards.