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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • SMOPYC 2011 gears up for success
    March 1, 2012
    Plans are now well in hand for the upcoming SMOPYC construction equipment exhibition, which is being held in Zaragoza in Spain in May and several key improvements have been made for the show.
    Read More
  • Initiative to Include Road Safety in Sustainable Development Goals
    September 15, 2015
    Road safety is a key issue for sustainable development targets. During the Rio+20 Conference in 2012, it was agreed by member States to launch a process to develop a set of Sustainable Development Goals (SDGs), to build on the Millennium Development Goals and converge with the post-2015 development agenda. Over the past six months, IRF Geneva has undertaken a sustained campaign to ensure that road safety is included in the SDGs. As part of this, Kiran K Kapila, chairman, IRF Geneva, has reached out, amon
    Read More
  • São Paulo State Highway Authority wins the Evonik Road Safety Award 2018
    April 23, 2019
    For more than 50 years, Evonik – a world leader in specialty chemicals and the inventor of MMA cold plastic road markings - has been at the forefront of efforts to improve road safety and disseminate best practices in the field On 18th December 2018, Evonik bestowed the 3rd edition of the “Evonik Road Safety Award” in the city of São Paulo, Brazil. The Road Safety Award is designed to support sustainable road safety initiatives, as part of the company’s corporate and social responsibility. It acknowle
    Read More
  • Rajasthan Mega Highways boost trade, tourism
    February 17, 2012
    Rajasthan is one of the most favoured tourist destinations of India for both domestic and international traffic on account of its rich array of historical forts, palaces, art and culture.
    Read More

Highlighted Content