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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • European Construction Industry Federation, FIEC, concerned about market
    June 16, 2014
    According to the European Construction Industry Federation, FIEC, there is light at the end of the tunnel in terms of market activity. The FIEC estimates a decline of 2.3% in overall EU construction activity in 2013 but forecasts stabilisation of in 2014 with market gains of 0.1% expected overall. “There can be no growth without investment!” warned FIEC vice president Jacques Huillard, responsible for economic issues. He presented FIEC’s annual statistics prior to the FIEC’s Congress. “The policy of austeri
    Read More
  • How Florida paved the way for availability payments in the US
    November 21, 2014
    New financing models have been used to deliver key transport links in the US - * Patrick D Harder and Brandon J Davis Florida Department of Transportation’s (FDOT) public-private partnership (PPP) programme has made impressive progress, setting precedents for US transportation planning and funding. On March 26th 2014, FDOT opened 16km of new reversible express lanes as part of its US$1.8 billion I-595 Corridor Roadway Improvements Project. Just a few months later, on August 3rd 2014, FDOT opened twin tunnel
    Read More
  • New non-destructive testing technologies for roads and bridges
    July 11, 2018
    Two new technologies for non-destructive testing offer key benefits, one suiting road surfaces, the other suiting concrete structures - Kristina Smith reports Dynatest has developed a new way to measure and record the state of pavements, using a machine that travels at the same speed as traffic. The Rapid Pavement Tester (Raptor) has been seven years in the making and offers road owners the chance to have comprehensive surveys without the need to disrupt traffic. “People have been wanting to do this for
    Read More
  • Chinese manufacturers plan to compete globally
    June 18, 2015
    Chinese construction equipment firms have been building their operations in local markets – but are now looking to develop globally - Mike Woof writes In recent years Chinese construction equipment manufacturers have been able to capitalise on local demand in the home market. The rapid rate of expansion of transport infrastructure, fuelled by government spending, led to a massive need for construction machines. The country’s manufacturers have grown rapidly in size, investing enormously in factory capacity
    Read More

Highlighted Content