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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • JCB CEO outlines the company’s 2021 plans while welcoming rising global equipment demand
    April 14, 2021
    JCB CEO Graeme Macdonald says the global construction and quarrying equipment giant is creating hundreds of new jobs and expanding production capabilities as it responds to healthier equipment demand in 2021.
    Read More
  • LIVE, from Leipzig, Germany: the ITF 2015 Annual Summit
    May 26, 2015
    If you couldn’t make it to Germany this year for the International Transport Forum’s Annual Summit, you can watch the live webcasts on the ITF website starting today. From this morning, Wednesday, at 11:00 Central European Time, the live webcast of the event will be available directly at this link: http://2015.internationaltransportforum.org/
    Read More
  • Concrete competition
    February 13, 2012
    The concrete paving market has provided stable ground for existing players, though key market developments are in hand. US manufacturers have long dominated the concrete paving sector with well-known firms such as GOMACO, Guntert & Zimmerman, Power Curbers, Power Pavers and Terex all being based in the US, while German firm Wirtgen is Europe's leading contender in this market. However there is some jostling for position in the concrete paving sector, with some of the players looking to enter new segments. T
    Read More
  • Mullum Mullum Valley untouched by progress
    July 20, 2012
    Preserving the unspoiled Mullum Mullum Valley was the major consideration when deciding to build a traffic tunnel The answer to one of the major issues facing construction of the A$2.5 billion EastLink route in Australia was simple: construct a tunnel. While it was expensive, those involved realised they had little option but to go underground to protect the environmentally sensitive Mullum Mullum Valley, an untouched area of wood and bushland in Melbourne. EastLink, the 39km toll road project on the easter
    Read More

Highlighted Content