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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • Business confidence
    June 10, 2019
    Business confidence in construction looks healthy in many countries around the world. Transport infrastructure remains a high priority for construction activity around the globe. China is continuing to develop its own internal transport network, while also funding a massive programme of works under its Belt & Road plan. The impact of the Belt & Road programme is being seen in Asia, Russia and also parts of Africa, with the aim of unlocking economic activity by boosting transport connections, whether by road
    Read More
  • India's first construction event a huge success
    February 13, 2012
    The first bC India event has exceeded all expectations and it is set to become a regular event. Patrick Smith reports A major new construction equipment show has been launched in a nation with a huge appetite for such machinery and a growth rate nudging 9% each year. With billions being spent on infrastructure (roads and highways, power stations, railways, ports and airports), India was a prime candidate for a trade fair to display the latest and local international construction machinery, building materia
    Read More
  • China to set up “international courts” for Belt and Road disputes
    February 6, 2018
    China plans to set up an “international court” for settling disputes among companies participating in Belt and Road transportation infrastructure work, according to Chinese media. The Global Time newspaper – with strong links to the communist government – reported that Chinese companies are facing more foreign-related lawsuits as they step up investment and business in countries covered by Beijing’s Belt and Road Initiative. The report called Belt and Road “a brainchild of Xi”, referring to Xi Jinping
    Read More
  • The upcoming bauma 2013 event looks set to beat records
    May 21, 2012
    The organisers of the bauma 2013 exhibition in Munich have revealed that 11 months before the show is due to open, all stand space has been sold. This is despite the fact that the exhibition space has been extended to a record 570,000m2. Organised by Messe München, the International Trade Fair for Construction Machinery, Building Material Machines, Mining Machines, Construction Vehicles and Construction Equipment now has a waiting list for all of its sections. Located in the Bavarian capital Munich, this is
    Read More

Highlighted Content