During a speech at the Brookings Institution in Washington DC on October 8, 2007, Senator Richard Lugar (R-IN) called attention to the vibrant U.S.-Russian commercial relationship, noting the importance of Russia's WTO accession and passing PNTR status for Russia.
"The commercial side of the bilateral relationship is moving in high gear and expanding significantly," Lugar emphasized. "Unfortunately, the merits and benefits of this expanding relationship remains unknown to many here in Washington."
Lugar stressed the need to listen to U.S. business proposals. "The business community can be a valuable partner in improving U.S.-Russian relations," Lugar said. "We should carefully consider the recommendations they are making... they argue accurately that the Jackson-Vanik economic legislation has long outlived its usefulness. This relic of the Cold War is no longer applicable to the modern Russian government and administration."
Continuing, Lugar stated, "Granting permanent normal trade relations [for Russia] will improve confidence in the Russian investment climate and enhance economic relations between the U.S. and Russia."
The Senator also argued that Russia's accession to the World Trade Organization (WTO) will advance U.S. interests. "...Russian membership in the WTO will further integrate Russia into the international, rules-based trading system and help lock in reforms. Both represent important U.S. national security objectives," he maintained.
Click here for the full text of Lugar's speech.
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