In a welcome development for American workers, farmers and companies, Russia joined the World Trade Organization last Wednesday. Accession to the WTO — after more than 18 years of negotiations — required Moscow to open its market to imports, safeguard intellectual property and investments, and strengthen the rule of law.

The result will be more U.S. exports and American jobs. U.S. companies see huge potential in Russia, which boasts the ninth-largest economy in the world and 4 percent economic growth. Of the top 15 U.S. trading partners, Russia was the market where U.S. companies enjoyed the fastest export growth last year (38 percent). The President’s Export Council estimates that U.S. exports of goods and services to Russia — which, according to estimates, topped $11 billion in 2011 — could double or triple with Russia in the WTO.

However, there’s a catch. The United States won’t get the full benefits of these market-opening reforms unless Congress approves a short and simple bill granting Permanent Normal Trade Relations (PNTR).

Contrary to many misconceptions, PNTR won’t grant Russia any “trade preferences.” In fact, PNTR exclusively benefits Americans selling their goods and services in the Russian market. The United States gives up nothing — not a single tariff — in approving it.

If Congress approves PNTR with Russia, the United States will for the first time be able to use the WTO dispute settlement process to hold the Russians accountable if they fail to meet their commercial commitments. But until it’s a done deal, Moscow is free to deny U.S. businesses the benefits of its reforms.

Delaying PNTR puts America at a disadvantage. Of the 157 members of the WTO, the United States is the odd man out: Every single one of our competitors today has better access to Russia’s 140 million consumers and growing middle class. European and Asian companies are already building on their strong head start in this lucrative market.

Business opportunities in Russia will continue to grow substantially — and we must be ready to seize them. For instance, the total cost of needed infrastructure spending over the next five years is conservatively estimated at $500 billion, according to the American Chamber of Commerce in Russia. Private-sector participation in this building boom could offer significant opportunities for U.S. companies.

Congressional approval of PNTR won’t cost taxpayers one penny. The world’s largest economy, the United States, should be in the game in the Russian market — not on the sidelines. The U.S. Chamber of Commerce urges Congress to approve PNTR — what amounts to an instant jobs bill — as soon as it returns.

— Tom Donohue is president and CEO of the U.S. Chamber of Commerce.