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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • ERIC2016 in Leeds, UK: asset management rethink
    November 9, 2016
    From 18th October to 20th October 2016, the European Union Road Federation (ERF), in partnership with the Road Safety markings Association (RSMA) will present the 1st European Road Infrastructure Congress (ERIC2016) in the Royal Armouries Museum in Leeds, UK
    Read More
  • EU transport to grow until 2020
    September 3, 2012
    A study indicates that road transport for passengers and goods will keep its pivotal role among other modes like rail or inland waterways
    Read More
  • Dowel bar drilling selection poses challenges
    January 11, 2013
    Pneumatic concrete dowel drills have one purpose – to drill holes. While their intended use is easy to recognize, operation of this equipment isn’t quite so simple. In fact, it’s a bit of a science. That’s not to say they’re difficult to operate. But there are certain best practices and processes to keep in mind for proper drill operation, whether it’s an on-grade, slab-rider or equipment-mounted model. Operators who adopt these guidelines and implement them on every job are rewarded with better performance
    Read More
  • Russia’s trans-continental route
    August 10, 2018
    Russia is spending US$10 billion on building a 2,000km section of road connecting China with the EU – Eugene Gerden reports Russia has now started building a 2,000km section of a new transcontinental route, which will connect China and the EU. According to senior officials from the Russian Ministry of Transport, which is implementing the project, the new road, will be known as the Meridian and will stretch through the Russian territory that borders with Kazakhstan and Belarus. This route forms the Russian
    Read More

Highlighted Content