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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • AEM – US construction sector “remains resilient” amid Covid-19 pandemic
    April 8, 2020
    US firms have job sites to run but are still helping prevent the spread of the coronavirus.
    Read More
  • The market is due for a slowdown
    December 13, 2012
    There is nothing that fuels economic uncertainty like economic uncertainty. Lack of confidence amongst investors ensures a reluctance to invest, and that is a common problem for many of the markets around the world at present. The financial crash that started in the US in 2008 and then spread to Europe is an economic malaise that has lasted longer than previous recessions and has had a wider effect for the world economy. Europe has been hard hit and speaking at the recent Committee for European Constructio
    Read More
  • Global credit squeeze impacts Australia's road construction
    July 13, 2012
    Roads Australia steps up in policy debate as road construction feels the pinch of the credit squeeze, as Mark Bowmer (RA media director) reports Like all markets around the world, Australia is feeling the effects of the global credit squeeze and its impact on the delivery of major infrastructure projects such as roads. In Sydney, for example, lack of funding (both from government and private sources) is seen as the major stumbling block to the construction of a much-needed eastern extension to Sydney's main
    Read More
  • Increased infrastructure spending
    February 22, 2012
    With economies booming in the BRIC countries and other regions, spending on infrastructure is at a high - Patrick Smith reports As economic crisis grips much of the world, many countries are still spending billions on infrastructure to improve transportation. While the USA and Europe struggle with debt problems (and this has affected much of the rest of the world) the development of highways, airport, ports and other infrastructure is gathering pace in other regions to boost economic developments.
    Read More

Highlighted Content