Semiconductor Industry Commends President, Congress for Enacting Permanent Normal Trade Relations with Russia
WASHINGTON, D.C.—Dec. 14, 2012—The Semiconductor Industry Association (SIA), representing U.S. leadership in semiconductor manufacturing and design, today commended President Obama and Congress for enacting legislation to grant Permanent Normal Trade Relations (PNTR) with Russia, a policy that will strengthen the U.S. semiconductor industry by improving market access to one of the world’s largest economies and expanding export opportunities. H.R. 6156 – the Russia and Moldova Jackson-Vanik Repeal Act of 2012 – was signed into law today by the President after previously passing the Senate and House with strong bipartisan support.
“The semiconductor industry is a bellwether for the U.S. economy and a strategic asset to America’s national security and global competitiveness,” said Brian Toohey, president and CEO, Semiconductor Industry Association. “Granting Permanent Normal Trade Relations with Russia will bolster the U.S. semiconductor industry by reducing trade barriers, improving transparency and accountability, and increasing market access opportunities. We applaud President Obama and Members of Congress for working together to enact this important legislation.”
Russia PNTR is critical to ensuring that U.S. companies receive the full benefits of Russia’s recent accession to the World Trade Organization (WTO) and subsequent commitment to join the International Technology Agreement (ITA). SIA will continue to work with the Administration and Congress to hold Russia to its commitment to join the ITA without delay. Specifically, upon Russia’s accession to the ITA, tariffs on some semiconductor products covered by the ITA – which are currently as high as 20 percent in Russia – will be eliminated.
Russia represents a growing semiconductor market for American exporters. U.S. exports of semiconductors to Russia have increased dramatically in recent years, from $23.6 million in 2007 to $50.7 million in 2011, an average annual growth rate of 28.8 percent. The U.S. trade surplus in semiconductors with Russia has increased at an average annual rate of 29.7 percent over the same time period.
For more information on Russia PNTR, please view SIA’s Issue Paper.
To view SIA’s recent letter to Congress in support of Russia PNTR, please click here.
About the SIA
The Semiconductor Industry Association, SIA, is the voice of the U.S. semiconductor industry, one of America's top export industries and a bellwether measurement of the U.S. economy. Semiconductor innovations form the foundation for America's $1.1 trillion dollar technology industry affecting a U.S. workforce of nearly 6 million. Founded in 1977 by five microelectronics pioneers, SIA unites companies that account for 80 percent of the semiconductor production of this country. Through this coalition SIA seeks to strengthen U.S. leadership of semiconductor design and manufacturing by working with Congress, the Administration and other key industry groups. The SIA works to encourage policies and regulations that fuel innovation, propel business and drive international competition in order to maintain a thriving semiconductor industry in the United States. Learn more at www.sia-online.org