Russia looks set to be awarded World Trade Organisation membership

Russia will shortly become part of the World Trade Organisation (WTO). This is a key development for the construction equipment market as all member states of the WTO will benefit economically by having favoured-nation trade status with Russia. The exception to this however will be the US, which is currently prevented from granting Permanent Normal Trade Relations with Russia until Congress repeals the Jackson-Vanik Amendment. This 1974 amendment was originally put in place in response to the Soviet Union p
June 18, 2012 Read time: 1 min
Russia will shortly become part of the 4048 World Trade Organisation (WTO). This is a key development for the construction equipment market as all member states of the WTO will benefit economically by having favoured-nation trade status with Russia.

The exception to this however will be the US, which is currently prevented from granting Permanent Normal Trade Relations with Russia until Congress repeals the Jackson-Vanik Amendment. This 1974 amendment was originally put in place in response to the Soviet Union preventing citizens from emigrating. But since 1994, Russia has become in compliance with the Jackson-Vanik freedom-of-emigration criteria.

As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status. This move is set to happen once Congress votes to repeal the Jackson-Vanik Amendment.

For more information on companies in this article

Related Content

  • S&P Global Rating: credit stability for toll road operators
    August 14, 2017
    The outlook is generally stable for business conditions and credit quality for toll roads worldwide, according to the latest survey from ratings agency S&P Global.The exception is the US where the overall outlook is “positive”, noted the report S&P Global Ratings' 2017. The 21-page report considers broad economic and industry-specific trends. It looks at economic conditions, demographic trends and geopolitical risks that affect the movement of people and goods. “We expect stable or improving, but still frag
    Read More
  • Europe calls for new road safety target
    September 9, 2015
    The European Parliament has reiterated calls for a pan-European target to cut serious road injuries. In a vote on a review of European transport policy since 2011, MEPs called for, “the swift adoption of a 2020 target of a 40 % reduction in the number of people seriously injured, accompanied by a fully-fledged EU strategy.” Since 2010 the number of people seriously injured on EU roads has been reduced by just 1.6%, compared to an 18% decrease in the number of road deaths. Last year the numbers actually
    Read More
  • Construction machines on public roads
    September 7, 2023
    Regulations are proposed for construction machines on public roads.
    Read More
  • Embedded sensors help deliver self-monitoring roads
    November 22, 2021
    As road authorities look to automate their road monitoring and maintenance, we will need more and more sensors within our highway networks
    Read More

Highlighted Content