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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • Safety barriers deliver valuable road user protection
    February 14, 2012
    Safety barriers provide an invaluable service for all road users, Mike Woof reports The safety barrier market is a key one for the highway sector, with systems providing valuable protection for all categories of road users. The importance of passive protective devices such as safety barriers can often be overlooked by the road user but is well-understood by highway designers. Redirecting an errant vehicle back into the roadway and preventing it from crossing into traffic flowing in the other direction or fr
    Read More
  • We're here to help
    July 16, 2012
    Formed at the end of the Cold War, the European Bank for Reconstruction and Development has raised, and loaned, billions to revitalise infrastructure from central Europe to central Asia as Patrick Smith reports One of the highlights of the year for Thomas Maier has been the recent trip to Bratislava, the capital of Slovakia, where history was made. As the Business Group director in charge of the infrastructure sector at the European Bank for Reconstruction and Development (EBRD) he was present when contract
    Read More
  • Auckland Harbour bridge celebrates 50 years
    February 22, 2012
    The bridge over Auckland Harbour celebrates its half century this year, and it has been given a major upgrade to ensure that safety is maintained in New Zealand's largest city. Mary Searle reports. Auckland is New Zealand's largest city, home to nearly a third of the entire country's population. It's a sprawling metropolis, and its 1.3 million people are spread over 637km² of city, suburbs and islands. The Auckland Harbour Bridge, which celebrates its 50th birthday in May, is a vital link in the city's road
    Read More
  • Challenges of NMT in Nairobi, Dar es Salaam
    September 13, 2016
    Developing safety for non-motorised transport in East Africa - Shem Oirere writes. Despite increasing national budgetary allocations for the road sector in recent years, governments in East Africa have made very low investments in non-motorised transport (NMT). This is despite the fact that both Kenya and Uganda have recently passed a policy on pedestrian and cycling safety. In Kenya, the County government of Nairobi, the country’s capital, has embraced a NMT policy, while in Uganda the government has passe
    Read More

Highlighted Content