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As a result, this outdated piece of legislation is to change shortly and like other WTO member states, the US will also be able to trade under the same favoured-nation status.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

  • Minimising the problems of construction disputes
    September 30, 2013
    *Nigel Grout discusses methods for minimising the risk of potential legal issues in construction projects Disputes and the construction industry are synonymous with each other. In a climate of economic downturn, the prevalence of major disputes will continue to be high as parties are unwilling or not able to compromise to reach a settlement. According to the latest ‘Global Construction Disputes’ report by EC Harris, the global average value of a construction dispute in 2012 was nearly US$32 million.
    Read More
  • World Road Association Secretary General: ‘Act now on global road infrastructure’
    May 29, 2014
    The Secretary General of the World Road Association-PIARC has stressed the need for urgent unified action to maintain international road infrastructure. Jean-François Corté, whose association unites the road administrations of 120 governments and has members, individuals, companies, authorities and organisations in over 140 countries, spoke ahead of the keenly awaited PPRS Paris 2015 Congress 22-25 February 2015, which he is chairing. Emphasising the importance of quality road infrastructure and the need
    Read More
  • Key deals show strength of Tolling solutions sector
    September 26, 2013
    The world’s leading tolling solution providers have achieved significant deals in recent months emphasising the importance of their latest and proven technology. Guy Woodford reports Kapsch TrafficCom North America (Kapsch), part of Kapsch TrafficCom Group, has been awarded a five-year US$30 million contract by Canadian Tolling Company International (Cantoll). The contract will see the leading tolling technology manufacturer supply its next generation TDMA V6 Interior Transponder, also known as an onboar
    Read More
  • Russian construction machine exhibition for 2019
    December 18, 2018
    Plans are in hand for the bauma CTT RUSSIA 2019 construction machinery exhibition, which will be held in Moscow from June 4th-7th 2019. Registration is now underway for the event, claimed to be Russia’s most important construction equipment and technologies trade fair. The event will be held at Moscow’s Crocus Expo IEC and this show will be of special note as it will be the 20th anniversary of the exhibition. The organisers point to Russia’s positive economic market due to planned infrastructure expansion a
    Read More

Highlighted Content