President Obama’s Signature Paves Way for Permanent Normal Trade Relations with Russia and Moldova

As of August 22, 2012, Russia became the 156th member of the World Trade Organization (WTO) and on December 21, 2012, President Obama signed legislation that extended permanent normal trade relations with Russia and Moldova. A day before approving this legislation, the U.S. and Russia agreed to an Intellectual Property Rights (IPR) Action Plan in order to improve IPR protection and enforcement. It is important to remember that Russia is currently the U.S.’ 20th largest goods trading partner and that in 2011, Russia was the 14th largest import supplier to the U.S. It will be interesting to see how the U.S. and Russia attempt to increase their economic potentials now with less barriers to trade. Which key dimension will reign: Economics or Politics?

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