US May Abolish Jackson-Vanick Act by Year's End

U.S. President Barack Obama has called on Congress to abolish the Jackson-Vanick amendment in light of Russia’s coming World Trade Organization (WTO) membership, BBC Russian Service reported.

According to Obama, Russia’s WTO membership will oblige the U.S. to maintain “constant and normal trade relations” with the country, which could be threatened by the 1974 Jackson-Vanick amendment.

“Barack Obama’s administration would like to do this by the end of 2011, before the U.S. Congress leaves for the Christmas holidays,” BBC cited a source.

The Jackson–Vanik amendment is a 1974 provision in U.S. federal law, intended to affect U.S. trade relations with countries with non-market economies (originally, countries of the Communist bloc) that restrict freedom of emigration and other human rights. It is believed that it was a response to the Soviet Union's "diploma taxes" levied on Jews attempting to emigrate.