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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • New Sudan link will boost economic development
    February 21, 2013
    South Sudan’s new showpiece road has reduced travelling times and improved access to markets and basic services. Shem Oirere reports Bituminous surface treatment is common for highways with low-traffic or for the rejuvenation of a weakening asphalt concrete pavement. But this is what the 192km Juba-Nimule Highway in the world’s youngest nation, South Sudan, needed in its reconstruction to bring it to international standards. Commissioning of the highway effectively erases the tag ‘landlocked’ from South Su
    Read More
  • Bolivia's Santa Cruz road corridor connector project
    December 22, 2016
    Bolivia’s ambitious Santa Cruz road corridor connector project is providing an important link for the country - Gordon Feller writes The World Bank has been organising a US$230 million loan to upgrade a vital connector linking the country’s northern and southern transit corridors. Meanwhile, another $100 million is coming from Bolivia’s government.
    Read More
  • Future road safety progress may be slow
    March 9, 2018
    Future progress on road safety could be slower than hoped, according to the European Transport Safety Commission (ETSC). It warns that the high profile development of autonomous vehicles could restrain moves to improve road safety around the world. With road deaths killing up to 1.25 million people/year, lowering the casualty rate is seen as a priority. But a much sharper awareness of how to reduce the number of deaths and injuries is required.
    Read More
  • E&E Event in Vienna: Transforming bitumen
    November 25, 2022
    The recent E&E Event in Vienna suggests that decarbonisation, digitalisation and diversification are fast changing the road paving sector, reports Kristina Smith.
    Read More

Highlighted Content