The act replaced the US Jackson-Vanik amendment, which dated back to the Cold War.
He also indulged in a bit of Hamletesque musing about whether he would act to waive Jackson-Vanik.
You will recall that the Soviet Union ceased payments on this debt in 1974 after the Jackson-Vanik amendment was enacted.
CENTERFORSECURITYPOLICY: The U.S.-Soviet Trade Agreement: Overtaken By Events
Other cold-war relics, such as America's Jackson-Vanik trade restrictions, should also go.
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It was rather astonishing, therefore, when President Bush revealed at a press conference on 30 November that his administration was reviewing "the whole policy" concerning Jackson-Vanik.
As you are well aware, his landmark amendment to the Trade Reform Act of 1974, cosponsored with Rep. Charles Vanik, profoundly shaped all subsequent U.S.-Soviet economic ties.
CENTERFORSECURITYPOLICY: The U.S.-Soviet Trade Agreement: Overtaken By Events
The Russians are especially peeved by what they see as preferential treatment for Ukraine, which has reached a deal with America and graduated from Jackson-Vanik in March.
That's why you heard the President discuss publicly his commitment to see a repeal of the Jackson-Vanik law, and again, greater access for U.S. businesses into Russian markets.
In so doing, however, Mr. Bush made it clear that he would not waive Jackson-Vanik nor seek congressional approval and consent on the Trade Agreement unless and until such Soviet legislation was in place.
This is a bitter irony since it was the Jackson-Vanik amendment -- abandoned by President Bush on 12 December 1990 -- which linked freedom to leave the Soviet Union to access to government-guaranteed credits.
And I emphasized my priority of having Congress repeal Jackson-Vanik, provide permanent trade relations status to Russia so that American businesses can take advantage of the extraordinary opportunities now that Russia is a member of the WTO.
Mr. Bush has also promised to clear the way for permanent normal trade relations status for Russia by getting the 1974 Jackson-Vanik Amendment formally repealed and to use his influence to secure membership for a free-market Russian economy.
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