Deere & Company Testifies on Importance of Russia PNTR Legislation

WASHINGTON--(BUSINESS WIRE)--

Passing Permanent Normal Trade Relations (PNTR) legislation is critical for U.S. companies and workers to compete in the growing Russian market, Samuel R. Allen, Chairman and CEO of Deere & Company, testified today to the Senate Committee on Finance on behalf of Business Roundtable (BRT) and his own company.

“PNTR for Russia is crucial for U.S. manufacturers, service providers and agricultural producers to receive the full benefits of Russia's WTO accession, and to compete on a level playing field for Russian customers,” Mr. Allen testified. “PNTR with Russia is, simply put, a benefit to the United States rather than an accommodation to Russia.”

BRT supported his testimony with the release of an online U.S. map linking to state-by-state fact sheets that show trade ties between each U.S. state and Russia and how U.S. exports to Russia are already falling behind exports from other countries. The fact sheets highlight the economic case for PNTR with Russia. BRT is urging Congress to pass legislation graduating Russia from the 1974 Jackson-Vanik amendment and establishing PNTR with Russia to ensure that the United States benefits from all of the commitments made by Russia in joining the World Trade Organization (WTO).

“PNTR with Russia is BRT's top legislative trade priority this year. It is necessary to help American companies and workers compete for sales of goods and services in Russia, which is one of the fastest growing markets in the world,” said Douglas R. Oberhelman, Chairman and CEO of Caterpillar Inc., and Chair of BRT's International Engagement Committee. “Until Congress passes PNTR with Russia, U.S. companies and workers will not have the same protections as their foreign competitors doing business in Russia.”

Mr. Allen's testimony can be accessed here; and BRT's state-by-state fact sheets can be accessed here.

Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay $163 billion in dividends to shareholders and generate an estimated $420 billion in sales for small and medium-sized businesses annually.

BRT companies give nearly $9 billion a year in combined charitable contributions.

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