Caterpillar Chairman Attends White House Bill Signing for Russia PNTR
Legislation; Praises Bipartisan Leadership that Positions the United States to
Increase Exports and Jobs
WASHINGTON, Dec. 14, 2012
WASHINGTON, Dec. 14, 2012 /PRNewswire/ -- At the Oval Office in the White
House today, Caterpillar Inc. (NYSE: CAT) Chairman and Chief Executive Officer
Doug Oberhelman said the signing of legislation to establish Permanent Normal
Trade Relations (PNTR) with Russia is a great example of how more open trade
will benefit the United States and its trading partners. Oberhelman was among
a select group of people invited by President Barack Obama to witness the bill
signing for the legislation, which normalizes trade with Russia, following
that country's entry into the World Trade Organization (WTO) earlier this
year. The legislation had strong bipartisan backing in Congress and the
support of the Obama Administration.
"I am honored to attend this historic event, and feel this law is proof that
our leaders in Washington can set aside party affiliations and cast the right
votes that are in the best interest of the United States and, in this case, an
important trading partner like Russia," Oberhelman said. "By joining the WTO,
and with the signing of this law, the United States and Russia have set the
stage for a new era of trade, job creation and investment that should benefit
the economies of both countries," Oberhelman said. "Without PNTR, American
companies that export to Russia would have remained at a competitive
disadvantage compared to European and Asian-based companies that export to
Russia imported nearly $300 billion in goods in 2011, yet the United States
accounted for only five percent of those imports. Russia is the sixth largest
economy in the world in terms of purchasing power, but it was ranked 31^st
among all export markets for U.S. goods in 2011.
"This new law can help to improve those figures by expanding trade
opportunities and the jobs associated with exports," Oberhelman said.
"In the last five years, Caterpillar exports from the U.S. to Russia have
totaled about $2 billion, but we think PNTR will pave the way for increased
exports for American made products and agricultural items," Oberhelman said.
"Establishing PNTR puts Caterpillar on equal footing with our competitors from
other countries, most of who already benefited from Russia's entry into the
WTO. We expect it will also benefit our Russian customers. Along with WTO
membership, PNTR provides a framework for Russia and the United States to
expand trade on a level playing field for both countries, while expanding free
market principles," Oberhelman said.
Since 1992, the United States has maintained Normal Trade Relations (PNTR)
with Russia on a temporary, year-to-year basis. The WTO, however, requires its
members give each other PNTR, and until today, the U.S. was the only WTO
member country that had not established normal trade ties with Russia.
For more than 85 years, Caterpillar Inc. has been making sustainable progress
possible and driving positive change on every continent. With 2011 sales and
revenues of $60.138 billion, Caterpillar is the world's leading manufacturer
of construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives. The company also is a
leading services provider through Caterpillar Financial Services, Caterpillar
Remanufacturing Services and Progress Rail Services. More information is
available at: http://www.caterpillar.com.
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conditions in the industries and markets we serve; (ii)government monetary or
fiscal policies and infrastructure spending; (iii)commodity or component
price increases and/or limited availability of raw materials and component
products, including steel; (iv)our and our customers', dealers' and
suppliers' ability to access and manage liquidity; (v)political and economic
risks and instability, including national or international conflicts and civil
unrest; (vi)our and Cat Financial's ability to: maintain credit ratings,
avoid material increases in borrowing costs, and access capital markets;
(vii)the financial condition and credit worthiness of Cat Financial's
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divestitures, including the acquisition of Bucyrus International, Inc.;
(ix)international trade and investment policies; (x)challenges related to
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disputes or other employee relations issues; (xxii)significant legal
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requirements imposed if carbon emissions legislation and/or regulations are
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security; (xxvi)adverse effects of natural disasters; and (xxvii)other
factors described in more detail under "Item 1A. Risk Factors" in our
Form10-K filed with the SEC on February21, 2012 for the year ended
December31, 2011. This filing is available on our website at
SOURCE Caterpillar Inc.
Contact: Jim Dugan, Global Government & Corporate Affairs, Caterpillar,
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