News / Economy

    US Senate Moves to Boost Trade with Russia

     Sen. John Cornyn, R-Texas, right, accompanied by Sen. John McCain, R-Ariz., gestures during a news conference on Capitol Hill in Washington, Tuesday, June 26, 2012 Sen. John Cornyn, R-Texas, right, accompanied by Sen. John McCain, R-Ariz., gestures during a news conference on Capitol Hill in Washington, Tuesday, June 26, 2012
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     Sen. John Cornyn, R-Texas, right, accompanied by Sen. John McCain, R-Ariz., gestures during a news conference on Capitol Hill in Washington, Tuesday, June 26, 2012
    Sen. John Cornyn, R-Texas, right, accompanied by Sen. John McCain, R-Ariz., gestures during a news conference on Capitol Hill in Washington, Tuesday, June 26, 2012
    Jim Randle
    WASHINGTON — The U.S. Senate Finance Committee Wednesday approved a bill that would give Russian goods the same low-tariffs as exports from other nations, ending restrictions that were put in place during the Cold War.

    Supporters say the measure could help double the $9 billion annual trade between the two former enemies.

    The change came over the objections of some senators who said Washington should not grant permanent normal trade relations to Moscow until it stops sending weapons to Syria, where a conflict has killed thousands of people.

    Senator John Cornyn, a Republican from Texas, said Congress should not "squander" a chance to send a strong message to Moscow. 

    But Senator John Kerry, a Massachusetts Democrat, disagreed, saying slowing trade with Russia would not change that nation's actions but would hurt U.S. exporters.

    For the bill to become law, it must still pass the full Senate, and be approved by the House of Representatives and President Barack Obama.

    Earlier, Russia's parliament gave final legislative approval to the agreement that obligates Russia to cap some tariffs and take other actions in return for being allowed to join the World Trade Organization.  

    The measure must still be signed by President Vladimir Putin.

    Russia was the last of the world's major economies outside the WTO before the 153-member group officially accepted the country in December.

    WTO supporters say it helps the economies of individual nations by boosting trade.

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    by: Gennady from: Russia
    July 21, 2012 10:03 PM
    The US will profit from the trade under flexible provisions. The benchmark for the perfect trade should be
    a) not prolonging Putin-Medvedev’s stay in power and
    b) their restoration of Rights and Freedoms of Man and Citizen stipulated in articles 17.1, 22.1, 27, 29.1,29.5,31, 56.1 of Russian Constitution, basic human rights in Russia.

    by: david lulasa from: tambua/gimarakwa/vihiga
    July 20, 2012 8:01 AM
    unfair people like putin and medvedev are the kind of people who would force you have a general punishment mindset that leads you to sanction the whole country like syria ought to be sanctioned..its because not every russian thinks like putin and medvedev that there is still such a proposal from the US government....the russian government itself should knw that its not worthy.

    lulasa

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