(Bridges Weekly Trade News Digest)
US-Russia trade ties are entering back into the spotlight, with Washington lawmakers set to begin debating the repeal of Cold War-era trade restrictions that would allow Moscow to become a full trade partner.
The visit of Max Baucus – the chairman of the Senate Finance Committee, which has jurisdiction over tax and trade policy – to Russia last week was expected to kick off the debate in Washington, with the senator meeting with Russian President Dmitry Medvedev to discuss the trade situation and other subjects.
Establishing Russia as a full trade partner will require the US Congress to repeal of the Jackson-Vanik amendment, a legislative provision left behind from the Cold War that allows the US to deny most favoured nation (MFN) status to nations that restrict freedom of emigration.
“Expanding trade with Russia could mean billions of dollars of new opportunities for American businesses, ranchers, and farmers and could create thousands of jobs here at home,” Senator Baucus said in a statement following his Moscow visit. Read more here.
Date: March 1, 2012