Friday, March 10, 2006

Trade: U.S. Lifts restrictions on Ukraine

Congress has voted to end Cold War trade restrictions on Ukraine, a decision that opens the way for the former Soviet republic to join the World Trade Organization.

The congressional action, and President Bush's expected signature, would free Ukraine from a 1974 measure - called the Jackson-Vanik Amendment - that links trade benefits to the emigration and human rights policies of former or current communist states.

Rep. Sander Levin, D-Mich., said "Although challenges lie ahead, this legislation points out the importance of Ukraine's commitment to economic reforms and the evolution of democracy."

Since 1993, the U.S. has granted Ukraine normal trade relations on a temporary, annual basis.