Mr Obama faces a tough fight in Congress, which has to approve permanent normal trade relations with Russia.
The PNTR, the Permanent Normal Trade Relations for Russia has passed through a couple of key committees on the Hill.
Unfortunately, one top Democratic prospect, Congressman Baron Hill, has voted for a number of free-trade deals, including Permanent Normal Trade Relations with China.
Another good sign is the Senate passed a measure in December that would clear the way for Permanent Normal Trade Relations with Russia.
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Now comes news that Vietnam is entering the World Trade Organization and that the U.S. could soon establish permanent normal trade relations with the country.
Perhaps the most frequently heard argument in favor of permanent normal trade relations with China is that without it, we will lose the China business to foreign competitors.
Supporters of granting China permanent normal trade relations (PNTR) have pushed Lott, R-Mississippi, to schedule a Senate vote on the issue before the Senate's summer recess begins in late July.
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The People's Republic of China won a big victory late last month, as the House of Representatives voted to grant it permanent normal trade relations when it enters the World Trade Organization.
He argues that China's inclusion in the WTO, and hence permanent normal trade relations with the U.S., is good for both sides because trade disputes can be resolved through an impartial dispute settlement mechanism.
Rather than show the world the America means business when it comes to trade, it could establish an unwelcome precedent for other countries to rescind permanent normal trade relations instead of resolving disputes through a third party.
The extension of permanent normal trade relations treatment to the products of the Republic of Moldova will permit the United States to avail itself of all rights under the WTO Agreement with respect to the Republic of Moldova.
Mr. Bush has also promised to clear the way for permanent normal trade relations status for Russia by getting the 1974 Jackson-Vanik Amendment formally repealed and to use his influence to secure membership for a free-market Russian economy.
The extension of permanent normal trade relations treatment to the products of the Russian Federation will permit the United States to avail itself of all rights under the Marrakesh Agreement Establishing the World Trade Organization (the "WTO Agreement") with respect to the Russian Federation.
Another reason is that the American Congress is about to vote on a proposal to grant China permanent normal trading relations, in effect approving its membership of the World Trade Organisation (see article).
The House is to vote at midweek on granting permanent normal trading relations to China as part of that nation's bid to join the World Trade Organization.
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