Obama has signed a document abolishing the Jackson-Vanik amendment / News / News agency Inforos
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Obama has signed a document abolishing the Jackson-Vanik amendment

21.12.2012 09:29

Obama has signed a document abolishing the Jackson-Vanik amendment
Context:

President B.Obama has abolished the Jackson-Vanik amendment thus awarding Russia “permanent normal trade relations” status, which opens a new era in trade relations between the two countries.

The document that abolishes the Jackson-Vanik amendment says that normal trade relations with Russia will allow the US to enjoy all the benefits of trade with Russia that Russia’s membership in the WTO may suggest.

The Jackson-Vanik amendment was an amendment to the US law on trade, which was adopted back in 1974 and limited exports of goods from countries with Communist regimes to the US, as punishment for obstacles that authorities of these countries created at that time for those who wanted to emigrate from them.

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