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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • 2014 is seeing a range of engine emissions solutions coming to market
    February 19, 2014
    For the off-highway equipment sector, 2014 is a year of note, as this is when the Tier 4 Final/Stage IV emissions legislation starts to be phased in for North America, Europe and Japan. For several years now engine manufacturers have been working hard to meet the demands of emissions targets set by legislators. This has been an extremely challenging task and one that many in the industry believed all but impossible just 10 years ago. Manufacturers have spent enormous sums developing engines that produce low
    Read More
  • 9th EAPA Symposium - 2015 in Istanbul
    August 20, 2015
    European Asphalt Pavement Association (EAPA), whose aim is to be the trusted voice of the European asphalt paving industry, organised its ninth Symposium in Turkey – Istanbul on 4 June 2015 with more than 110 participants from all Europe - Gülay Malkoc writes.
    Read More
  • Funding programme for US roads and bridges
    November 9, 2021
    A new funding programme for US roads and bridges will now commence.
    Read More
  • Metso looks to develop its international profile following its recent demerger
    March 12, 2014
    Metso CEO and president Matti Kähkönen explained how the company is evolving - Mike Woof reports Finnish crushing and screening specialist Metso is looking to expand its worldwide operations following the recent demerger of the group. CEO and president Matti Kähkönen said that Metso has been a multi-industry business for the last 14 years. The firm’s biggest divisions have been the joint construction and mining division and the pulp and paper business, with its automation sector being the smallest of the
    Read More

Highlighted Content