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Statement for Financial Services Committee Hearing on Russia PNTR

Statement for Financial Services Committee Hearing on Russia PNTR

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NAM statement on Russia joining the WTO.
NAM statement on Russia joining the WTO.

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Categories:Types, Letters
Published by: National Association of Manufacturers (NAM) on Mar 15, 2012
Copyright:Attribution Non-commercial

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03/15/2012

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Statement for the Record ofDaniel CruiseVice President for Global Public and Government AffairsAlcoa, Inc., andChairman, Russia Trade Relations Task ForceNational Association of ManufacturersFor theSenate Committee on Financial ServicesHearing on
“Russia’s WTO Accession
-
Implications for the United States”
Thursday, March 15, 2012
The National Association of Manufacturers (NAM) welcomes this hearing on Russia’s
accession to the World Trade Organization (WTO). As Chairman of the NAM Russia TradeRelations Task Force, I appreciate the opportunity to highlight the importance of broadeningopportunities for U.S. manufacturers overseas by granting Permanent Normal Trade Relations(PNTR) status to Russia.
The NAM is the nation’s largest industrial trade association, representing small and large
manufacturers in every industrial sector and in all 50 states. Its membership includes both largemultinational corporations with operations in many foreign countries, and small and medium-sized manufacturers that engage in international trade. The manufacturing sector employsnearly 12 million Americans, and is the engine that drives the U.S. economy by creating jobs,opportunity and prosperity. Exports are vital to the success of American manufacturing, as theyconstitute 20 percent of U.S. manufacturing production and have increased at a rapid clip inrecent years. In fact, over the past decade, exports grew more than five times as fast asshipments to the domestic market
with exports growing by 48 percent while domesticshipments grew by only 9 percent.Russia is the 11
th
largest market in the world, with a $1.9 trillion economy and a growingmiddle class that values high-quality goods. Russia imported $310 billion in goods in 2011, yetthe United States accounted for only 4 percent of those imports. About 60 percent of U.S.exports to Russia fall into three main categories: aircraft; machinery (mostly parts for oil and gas
production equipment); and meat. Russia’s demand for heavy equipment and other capital
goods, like construction equipment and aircraft, is strong. Russia and other former Soviet stateswill require 1,080 new planes valued at approximately $110 billion over the next two decades.
Russia also has the world’s
second-longest railway network, which moves 85 percent of the
country’s
freight.
A significant amount of Russia’s railcars and locomotives are aging and will
require replacement in the next few years. The United States exported approximately $275million of oil and gas equipment to Russia in 2010, and opportunities will grow as Russia seeksmodern technologies and introduces greater efficiencies in its extraction techniques.

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