Business Roundtable Applauds U.S.-Russia Market Access Agreement

Calls for Congress to Approve PNTR

Washington, D.C. - Business Roundtable welcomes the completion of a bilateral market access agreement between the United States and Russia on the terms for Russia to become a member of the World Trade Organization (WTO). Business Roundtable, representing 160 CEOs of leading American companies with $4.5 trillion in combined annual revenues and more than 10 million employees, supports Russia's accession to the WTO on commercially meaningful terms and applauds the completion of this important step in that process.

"The U.S.-Russia market access agreement establishes a strong foundation for future U.S. economic growth," said Jim Owens, CEO of Caterpillar Inc., and Chairman of Business Roundtable's International Trade and Investment Task Force. "This agreement will offer real and immediate benefits to U.S. exporters of manufactured goods, farm products and services."

The bilateral agreement announced today will lower Russia's tariffs on U.S. industrial and agricultural products and remove non-tariff barriers currently hurting U.S. service industries.

The bilateral agreement is also a critical step on Russia's path to WTO membership. To become a member of the WTO, Russia must agree to adhere to the rules of international trade, implement market reforms, allow greater market access to foreign providers, and provide strong protection for intellectual property.

For the United States to fully benefit from Russia's WTO membership, Congress must grant "permanent normal trade relations" (PNTR) to Russia.

"WTO membership for Russia will make it easier for U.S. companies to enter the Russian market and will ensure that those companies enjoy important protections for their valuable intellectual property," Owens continued. "We applaud the completion of the bilateral agreement and urge Congress to act quickly to approve PNTR for Russia."

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and represent over 40 percent of all corporate income taxes paid. Collectively, they returned $112 billion in dividends to shareholders and the economy in 2005.

Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $90 billion in annual research and development spending - nearly half of the total private R&D spending in the U.S.

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