Oberhelman was among a group of people invited by Obama to witness the bill signing for permanent normal trade relations (PNTR) with Russia following that country’s entry into the World Trade Organization (WTO) earlier this year.

“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.”

Russia, the sixth largest economy in the world, imported nearly $300 billion in goods in 2011, yet the US accounted for only 5% of those imports.

“In the last five years, Caterpillar exports from the US 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 benefit from Russia's entry into the WTO.

“We expect it will also benefit our Russian customers.”