The American Chemistry Council (ACC) on June 12 issued a statement regarding the introduction of legislation by the US Senate Committee on Finance to establish permanent normal trade relations (PNTR) with Russia.
The statement reads: "We applaud Committee Chairman Max Baucus, International Trade Subcommittee Ranking Member John Thune, Foreign Relations Committee Chairman John Kerry, and Armed Services Committee Ranking Member John McCain for their commitment to improving trade relationships overseas and for working to create jobs across every sector of America's economy.
"The World Trade Organization has opened its doors to Russia, and the US must do the same if it wants to capitalize on free-market access to the world's ninth-largest economy. Access to new foreign markets like Russia is increasingly essential for the continued expansion and competitiveness of American chemistry, and it will help the US meet President Obama's stated goal of doubling US exports by the end of 2014.
"Chemical-product exports totaled $197 billion (B) in 2011, and one quarter of the chemical industry's 788,000 jobs depends on international trade. Export growth in the chemical industry spurs additional investment in manufacturing and related exports, creating a ripple effect of job creation, investment and economic growth."
ACC is committed to improving environmental, health and safety performance through the Responsible Care program, it said, including commonsense advocacy designed to address major public policy issues, and health and environmental research and product testing. T
he business of chemistry is a $720bn enterprise and a key element of the US economy. It is one of the nation's largest exporters, accounting for ten cents out of every dollar in US exports.