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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • The latest new on materials testing equipment from around the worlds
    January 18, 2016
    The US’s Superpave standard is gaining dominance around the world – but there’s still work to be done where recycled material or other modifiers are added to the mix - Kristina Smith reports. A few years ago, there was still some debate in the testing world as to whether the US or European testing regimes would dominate. Today, it does seem that the US Superpave system is most widely used, albeit with local adaptations.
    Read More
  • IPAF supports FEM position on use of cranes
    January 6, 2017
    IPAF supports the position paper issued by the Fédération Européenne de la Manutention (FEM) Product Group for Cranes and Lifting Equipment, which makes clear that tower cranes are designed and manufactured to lift loads, not people. The paper also highlights that cranes should not be used for entertainment purposes. Such rides will not be permitted at CONEXPO-CON/AGG.
    Read More
  • IPAF supports FEM position on use of cranes
    January 14, 2014
    IPAF supports the position paper issued by the Fédération Européenne de la Manutention (FEM) Product Group for Cranes and Lifting Equipment, which makes clear that tower cranes are designed and manufactured to lift loads, not people. The paper also highlights that cranes should not be used for entertainment purposes. Such rides will not be permitted at CONEXPO-CON/AGG.
    Read More
  • Game-changing ideas that deliver daily life and continue to evolve
    December 14, 2016
    As World Highways celebrates its 25-year anniversary this month, we thought that it would be a good moment to take a step back and look at the exciting times we live and work in, and pick out a few of the game-changing new products, technologies and services that have brought about so much innovation in our industry over the past quarter of a century. Where will these new ways of thinking and working take us next? The global highways market has been transformed in the lifetime of World Highways by high-v
    Read More

Highlighted Content