Obama officially announces cancellation of Jackson-Vanik amendment
WASHINGTON, December 21 - RAPSI, Denis Voroshilov. U.S. President Barack Obama has signed a decree on the cancellation of the Jackson-Vanik amendment.
The Jackson-Vanik amendment was adopted by Congress in 1974 and imposed restrictions on trade with the Soviet Union. The amendment was a response to the Soviet Union's lack of freedom to emigrate. Formally the amendment is still valid, however, since 1989, the United States has waived the act each year, and the current administration has promised to repeal it.
The current administration promised to cancel the amendment on numerous occasions, but managed to do it only coupled with the law on visa sanctions regarding Russians, on which the U.S. Congress insisted.
Last week, the U.S. Congress adopted the law cancelling the action of the amendment and demanding that the U.S. executive powers officially announce the non-discriminating nature of trade relations with Russia. Additionaly the law provides for normalizing trade relations with Moldova.
The presidential decree on the amendment's abolishment reads, in part, that normalizing trade relations with Russia will allow the United States enjoy all WTO rights in trade with Russia and normal trade relations will be applied to all products from Russia.