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| Russia Rattles Sabre Over US Trade Law |
by Mike Godfrey, Tax-News.com, Washington
Tuesday, January 31, 2012
Just one month after receiving approval to accede to the World Trade Organization
(WTO), Russia's Foreign Minister Sergei Lavrov has threatened that the nation
would back out of accession package commitments made to the United States unless
Washington rescinds a trade law dating back to the Cold War era.
Addressing a press conference, Lavrov called for the long-awaited removal of
legislation dating back to 1974 - the Jackson-Vanik law - which Lavrov described
as a "Cold War relic".
The law linked trade and economic agreements with the former USSR with human
rights issues, and especially the emigration of Jews from the USSR to Israel.
The law has however has not been effectively cancelled, as since 1994 it has
been subject to waivers, granted annually by the US government, so that it
has never been fully repealed.
Nevertheless, Lavrov believes that while not effective, the law still holds
back business activity between the countries. Noting that the situation in terms
of Russian policy has markedly changed since the end of the Cold War, Lavrov
laid down an ultimatum calling for the full normalization of trade relations
before Russia begins offering the United States the preferential treatment laid
out in its WTO accession package.
As part of its agreement with global partners, Russia has concluded 30 bilateral
agreements on market access for services and 57 on market access for goods.
On average, the final legally binding tariff ceiling for the Russian Federation
will be 7.8% compared with a 2011 average of 10% for all products. The average
tariff ceiling will be 10.8% for agriculture products (13.2% currently) and
7.3% for manufactured goods (9.5% currently).
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