MIDLAND, Mich.--()--The Dow Chemical Company (NYSE: DOW) congratulates the Senate for its bipartisan leadership action to advance Permanent Normal Trade Relations (PNTR) with Russia. Without such legislation, U.S. business, from farming to financials, will not be able to fully benefit from Russia’s nearing accession into the World Trade Organization (WTO).
“I commend the U.S. Senate for their action to help American competitiveness. Any further delay in granting this important status to Russia could place American workers and companies at a significant disadvantage versus our foreign competitors”
"I commend the U.S. Senate for their action to help American competitiveness. Any further delay in granting this important status to Russia could place American workers and companies at a significant disadvantage versus our foreign competitors," stated Andrew N. Liveris, Chairman and CEO of The Dow Chemical Company. "The only thing the U.S. can do in order to secure these significant market access benefits is to pass the Permanent Normal Relations (PNTR) with Russia into law as soon as possible."
Accession to the WTO establishes stringent commitments on intellectual property protection, streamlines customs processing requirements, provides access to markets across a range of industries, including agriculture, and allows for international standards on dispute settlement. Ultimately, its passage creates an opportunity for job creation in the U.S.
Without PNTR, these opportunities go to our competitors around the world, excluding only the U.S., based on the 1974 Jackson-Vanik legislation. The world has changed since Jackson-Vanik was adopted and it now stands only as an economic barrier for U.S. companies. According to one estimate, the cost to the U.S. of retaining the amendment is approximately $9 to $10 billion annually in unrealized benefits from Russia’s WTO accession.
This is important to Dow because with almost 40 years of continued presence in Russia, we have been devoted to partnering with local companies to grow our business and theirs. This effort has led to the growth of the chemical industry in the region and the sharing of innovative technologies that provide clean drinking water and sustainable materials. Today, 68 percent of Dow's revenues come from locations outside the United States, supporting over 22,000 Dow jobs in the U.S.
As stated by the broad industry coalition, by companies and even by the President’s Export Council – Now is time to graduate Russia from Jackson-Vanik and pass PNTR.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2011, Dow had annual sales of $60 billion and employed approximately 52,000 people worldwide. The Company's more than 5,000 products are manufactured at 197 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
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