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Friday, 28 October 2016


Second chance for Jackson-Vanik

2011-12-19 11:18

Second chance for Jackson-Vanik. 25850.jpeg

Today, Russia will be accepted into the WTO. Some believe that the transition into the global economy will take at least ten years, while others believe that business conditions in the country will become more favorable. However, the institution itself is not very stimulating to economic development, and the accession may hit hard the domestic market. But most important what should grieve Moscow is a new rule of mutual trade, under which they will have to play with Washington. After all, Jackson-Vanik amendment is still in force.

By and large, the WTO accession doesn't make the countries rich, happy and prosperous. The organization includes 153 states, but most of them are economically underdeveloped. Kyrgyzstan, which still cannot recover from the political crisis, and European outsiders which twine behind Germany and France, do not add to optimism about the future of the global economy. On the other hand, this chance can be used to enhance the competitive environment in Russia and faster achieve economic goals.

Despite the fact that many considered Georgia a stumbling block between Moscow and the WTO, in fact, the relationship between the United States and Russia in the trade area questioned the appropriateness of its presence in the WTO. Due to raw materials Russia has a great economic potential, but the attraction of foreign investment could give a second wind to agro-industrial complex. And vice versa - all Russian goods that have passed the state certification will be able to compete at the international market. Nevertheless, customs duties on imports from other countries will be reduced, and perhaps even partially abolished. Therefore, the profit from exports will be not big for Moscow.

The European Union is the largest trading partner of Russia in the country structure. That's the WTO accession in fact change nothing - half of Russia's trade turnover is the share of the EU countries, mostly of Netherlands and Germany. But for the United States Moscow's accession opens new perspectives. Washington, of course, can boast, but in fact the country has found itself almost at the ceiling of public debt, the unemployment exceeds all conceivable indicators for the first world economy and inflation is constantly striving upwards. It is not surprising that Barack Obama is actively eating hamburgers with Dmitry Medvedev and lobbied Kremlin's interests at the international trading platform.

It's obvious that this solution is a consequence of policy choices in order to fix their own depressing situation with the help of overseas strategic adversary. The White House hopes that as a result of Russia's accession the new opportunities for export of the U.S. industrial and agricultural products, goods and services to Russia will open, and this will give jobs in U.S. But the Jackson-Vanik amendment, adopted by Congress in regard to the USSR in 1974 is still the cornerstone in the trade of both countries.

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