This is the sentiment expressed by Aric Newhouse who is the SVP of Policy and Government Relations for NAM.
“Manufacturers need Congress to pass legislation granting Permanent Normal Trade Relations with Russia to prevent us from missing out on new export opportunities in the growing Russian market,” he said today.
Newhouse explained that currently U.S. goods only account for 4% of the $310 billion that Russia imported last year.
And this year should be another year of strong imports as Russia is expected to grow a very healthy 4%.
Exports have been touted all over the place as a way to lift unemployment. In fact President Obama in 2010 set a goal of doubling exports by 2014. He has said that this would support millions of new jobs.
Newhouse is taking the employment angle as well. “With the unemployment rate at 8.3% and the manufacturing sector slowing down, we have to do more to reach new markets and take full advantage of trade opportunities,” he said.