Granting Russia PNTR Will Increase Export and Business Opportunities for U.S. Companies

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At the end of August 2012, Russia will accede to the World Trade Organization (WTO), but Soviet-era legal restrictions prevent American businesses from benefiting from Russia’s accession. Congress is now considering legislation to repeal the “Jackson-Vanik” amendment and extend permanent Most Favored Nation Status (MFN) or Normal Trade Relations (NTR) to Russia. U.S. businesses seeking opportunities in Russia should remain engaged on this issue.

Background -

After 18 years of negotiations, on December 16, 2011, the WTO invited Russia to become a member. After the Russian parliament ratified the country’s WTO accession package on July 10, 2012 and the Federation Council gave its approval on July 18, 2012, Russian president Vladimir Putin signed the protocol of accession on July 21. Russia, the sixth largest economy in the world, will officially accede to the WTO 30 days after the ratification's completion.

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Published In: Administrative Agency Updates, General Business Updates, Elections & Politics Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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