James Risch, chairman of the US Senate Foreign Relations Committee, announced his intention to submit a bill to Congress that provides for the repeal of the Jackson-Vanik amendment for Central Asian countries, including Uzbekistan. This was reported by Zamin.uz.
The Jackson-Vanik amendment was once one of the symbols of the "Cold War." This amendment was adopted in 1974 as part of the US Trade Act and envisaged the imposition of trade restrictions on countries that violated human rights or restricted their citizens' freedom to emigrate abroad.
This measure was initially aimed against the Soviet Union. However, although the law lost its practical significance after the USSR dissolved, it still officially applies to some former Soviet states.
Until now, the US president has annually signed a document temporarily suspending the effect of this amendment. This document allowed Uzbekistan and other regional countries to continue normal trade relations with the US.
Now, a complete repeal of this practice is expected. This will reduce risks for investors and create a stable and predictable business environment.
This step is another important move by Washington to strengthen relations with Central Asian countries. At the same time, this decision opens a new opportunity to leave behind the legacy of the "Cold War."
Source: One.uz.
