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Source: American Soybean Assn news release

The American Soybean Association (ASA) celebrates today's Senate passage of legislation that will normalize trade between the U.S. and Russia and allow the U.S. to take advantage of the trade benefits resulting from Russia's admission to the World Trade Organization (WTO) in August.

With a vote of 92-4, the Senate passed the Russia and Moldova Jackson-Vanik Repeal Act of 2012. ASA asks President Barack Obama to swiftly sign the bill into law to graduate Russia from the Jackson-Vanik Amendment to the Trade Act of 1974 and establish permanent normal trade relations (PNTR) with the world's ninth-largest economy.

ASA President Steve Wellman, a soybean farmer from Syracuse, Neb., applauded the Senate's bipartisan vote and called on President Obama to sign the bill into law.

"ASA congratulates the Senate for passing the Russia and Moldova Jackson-Vanik Repeal Act today and urges the president to sign it into law so U.S. farmers can compete in one of the world's largest and most promising economies," Wellman said.

As part of its accession to the WTO, Russia will be obligated to bind its agricultural tariffs, adding more predictability to the trading relationship and opening export opportunities for the U.S. agricultural industry. WTO membership will also require Russia to adhere to internationally-recognized scientific standards when regulating meat imports, thereby ensuring greater predictability for U.S. exporters seeking to supply the Russian consumer market.

ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry. ASA's advocacy efforts are made possible through the voluntary membership in ASA by more than 21,000 farmers in 30 states where soybeans are grown.

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