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US government to reconsider normalisation of trade with Russia
| Published: | 12 Nov at 6 PM |
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Tagged: USA, Emigration
The House of Representatives is to discuss the lifting of the Jackson-Vanik amendment as early as next week after calls from US businesses for enhanced trade ties with Russia.
The 1974 Jackson-Vanik amendment made close trade relations between the two powers dependent on Russia’s allowing freedom to emigrate to Soviet Jews. Although regular waivers have been granted since 1989, the controversial amendment remains valid in law.
The Coalition for US-Russia Trade, a powerful group comprising 500 American companies, has urged Congress to prioritise a draft law establishing permanent trade relationships between the two countries. According to a Voice of America radio announcement, the coalition has submitted a jointly-signed letter to President Obama asking for his cooperation with Congress on the elimination of Jackson-Vanic.
The coalition’s stance on the present situation is that while the US government is continues to debate the Permanent Normal Trade Relations law, the opportunity for lucrative long-term contracts with Russian companies will be snatched away by foreign competitors. The elimination of Jackson-Vanic, the coalition says, will allow US companies to enter into formal trade agreements which will benefit the country’s economy.
The 1974 Jackson-Vanik amendment made close trade relations between the two powers dependent on Russia’s allowing freedom to emigrate to Soviet Jews. Although regular waivers have been granted since 1989, the controversial amendment remains valid in law.
The Coalition for US-Russia Trade, a powerful group comprising 500 American companies, has urged Congress to prioritise a draft law establishing permanent trade relationships between the two countries. According to a Voice of America radio announcement, the coalition has submitted a jointly-signed letter to President Obama asking for his cooperation with Congress on the elimination of Jackson-Vanic.
The coalition’s stance on the present situation is that while the US government is continues to debate the Permanent Normal Trade Relations law, the opportunity for lucrative long-term contracts with Russian companies will be snatched away by foreign competitors. The elimination of Jackson-Vanic, the coalition says, will allow US companies to enter into formal trade agreements which will benefit the country’s economy.
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