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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • Demand is changing in the bitumen market
    August 22, 2013
    The supply and demand for bitumen around the world is changing; refineries, suppliers and contractors must all make changes too - Kristina Smith reports These are interesting times for those supplying and buying bitumen. Almost every part of the picture is in flux: global demand is shifting dramatically; major suppliers are following demand; refineries are closing down or stopping production of bitumen. “In Europe and globally there is a very big chain of events happening,” said Bernd Schmidt, CEO o
    Read More
  • Fewer cars; more reckless drivers?
    April 28, 2020
    Emptier streets may be a green light for some US drivers to flaunt safety laws, reports the GHSA*.
    Read More
  • New show for South Africa
    April 24, 2012
    A new construction and mining equipment exhibition is being planned for South Africa, which will be held in September 2013. The event is being set up by Messe München and will be called bauma Africa and is said to attracting interest in the sector. The South African Construction and Mining Equipment Suppliers' Association (CONMESA) has said that it welcomes the first bauma Africa, the International Trade Fair for Construction Machinery, Building Material Machines, Mining Machines and Construction Vehicles.
    Read More
  • Software innovations benefit construction planning
    February 9, 2012
    Bentley Systems remains bullish with a healthy financial performance and continued investment in research and development, reports Mike Woof. The State Geological Institute of Dionyz Stur in Slovakia won an award in the Bentley Systems Be Inspired event's geotechnical category for an innovative project to log and analyse an area of the country's geology. As a leading player in the construction software sector, Bentley Systems is benefiting from growth in infrastructure investment worldwide. And despite the
    Read More

Highlighted Content