Moldova to be freed from Jackson-Vanik Amendment

The Republic of Moldova will be freed from the Jackson-Vanik Amendment that limits the commercial relations with the United States. The bill was passed by the two chambers of the U.S. Congress and is to be promulgated by the U.S. President Barack Obama until this yearend, Info-Prim Neo reports. ”The adoption of a new commercial regime represents a powerful sign of support on the part of the U.S. for the general modernization and Europeanization course of our state. It is a concrete support for the reforms aimed at ensuring economic growth and reducing poverty,” it is said in a communiqué issued by the executive. The Government of Moldova welcomes the passing of the bill to spare Moldova from the Jackson-Vanik Amendment. “Following the voting of bill H.R. 6156 by the Chamber of Representatives on November 16, we are glad that the new law was adopted by the U.S. Senate on December 6. The last legal obstacle to the U.S. investments in Moldova was thus removed,” reads the communiqué. The executive says the lifting of the commercial restrictions exiting in the cooperation with the U.S. creates the preconditions needed to employ the permanent normal trade regime in the economic relations with the U.S. businesses. The elimination of the Jackson-Vanik Amendment will bring economic benefits to the Moldovans by attracting investments and creating new workplaces in the national economy. The Jackson-Vanik Amendment was imposed on Moldova during the Soviet period.