U.S. Congress approves trade agreement with USSR
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WASHINGTON. Dec 4 (Interfax) – Both chambers of the U.S. Congress have passed a trade agreement with the USSR, with the date it takes effect now depending on constitutional procedures in the Soviet Union.
Soviet goods get most-favored-nation treatment, for the first time in 40 years. In line with the agreement, the United States waives non-tariff restrictions such as technological standards and regulations, as GATT rules prescribe.
The agreement will initially last for three years, but in line with the Jackson-Vanik amendment Congress will consider the annual prolongation of the Soviet Union’s most-favored-nation treatment.
Experts believe that the most-favored-nation treatment will not lead to a considerable growth trade between the USSR and the United States. Most of the U.S. imports are raw materials, which are not subject to high duties.