The Chairman of the US Senate Committee on Foreign Relations, James Risch, announced his intention to introduce a bill in Congress that would repeal the Jackson-Vanik amendment for Central Asian countries, including the Republic of Uzbekistan. The Jackson-Vanik amendment is considered one of the most famous symbols of the “Cold War” era.
It was adopted as part of the US Trade Act in 1974 and provided for the introduction of trade restrictions against countries that prevented their citizens from freely leaving the country or violated human rights. This measure was initially aimed at the Soviet Union.
After the collapse of the USSR, this law lost its practical significance, but formally, it still applies to a number of former Soviet states. Until now, the US President has signed a special document each year temporarily suspending the effect of this amendment, thus granting regional countries, including Uzbekistan, the opportunity to trade with the US on regular terms.
The cancellation of this practice will yield one important positive result: investors will no longer have to worry about the “expiration of the exception period,” which will create a more stable and predictable business environment. In this way, Washington is taking another step towards renewing its relations with Central Asian countries and leaving the legacy of the Cold War behind.
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