|
Washington, DC – Armenia will enjoy permanent normal trade relations (PNTR) with the United States after legislation granting PNTR to Armenia was signed into law by President George W. Bush on December 3.
U.S. Representative Joe Knollenberg (R-MI) and U.S. Representative Frank Pallone (D-NJ), Co-Chairs of the Congressional Caucus on Armenian Issues, sponsored the law granting PNTR to Armenia. Passage of the law was necessary for Armenia to receive the full benefits of its accession to the World Trade Organization in 2003.
The legislation, which was introduced as H.R. 528, and sponsored by 111 other Members of Congress, passed the House and Senate as part of H.R. 1047, the Miscellaneous Trade and Technical Corrections Act. Including H.R. 528 as part of H.R. 1047 expedited passage of the bill.
"Armenia's accession to the WTO in 2003 was a momentous event for this proud country that has worked hard to enact free-market reforms within a stable democratic framework, " said Knollenberg. "However, the full benefits of WTO membership will not be realized unless Permanent Normal Trade Relations is granted to Armenia. Passing this bill will increase U.S.-Armenia trade and strengthen the relationship between our two countries."
"Granting Permanent Normal Trade Relations to Armenia serves as a testament to the strong, shared values between the U.S. and Armenia," Pallone said. "The U.S. Government's action represents Armenia's increasing importance as a U.S. trading partner. It's my hope this new law will help alleviate the pressure placed on Armenia by the decade-old dual blockade by Turkey and Azerbaijan."
As a former Soviet republic, Armenia was prohibited from receiving unconditional and permanent normal trade relations with the United States under the Trade Act of 1974. Passage of PNTR for Armenia supersedes the Trade Act prohibitions and allows the United States to recognize Armenia as a full member of the WTO, allowing U.S. and Armenian goods greater access to each other ’ s markets.
Total United States-Armenia bilateral trade for 2002 amounted to more than $134,200,000. |
