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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • Saudi Arabian money for Tajikistan’s Dushanbe-Kulyab-Khorog-Murgab highway
    January 18, 2016
    Saudi Arabia will provide US$108 million through the Islamic Development Bank for reconstruction of two sections of the Dushanbe-Kulyab-Khorog-Murgab highway in Tajikistan. The sections are the Kulyab-Shuroabad and Shkev-Kalai Khumb, according to the Avesta news agency. The deal was announced after a meeting between Saudi ministry of finance officials and Tajik president Emomali Rahmon in the Saudi capital Riyadh in early January. Rahmon’s visit is considered a success for Tajik’s infrastructure in
    Read More
  • Weigh-in-motion market set to rise globally
    February 14, 2023
    The analyst Research and Markets predicts a compound annual growth rate of 10 per cent up to 2027 with Europe leading the demand.
    Read More
  • Jose Antonio Nieto takes over as CECE president
    January 24, 2024
    Jose Antonio Nieto, chief executive of Putzmeister Iberica is the new president of the CECE, Committee for European Construction Equipment until the end of 2025.
    Read More
  • Europe’s construction activity shows some optimistic signs
    July 10, 2012
    A cautiously optimistic report has been published by the European Construction Industry Federation (FIEC), which shows activity levels continue to fall. The FIEC’s recently released annual statistical report provides a comprehensive review of construction activity in Europe and shows business levels have improved slightly in some sectors. “The EU total construction output amounted to €1,208 billion in 2011, which represents a growth of 1.4% compared to 2010”, stated FIEC vice-president Jacques Huillard, in
    Read More

Highlighted Content