The characteristics of near-wall turbulence are examined and the result is used to assess the behaviour of the various terms in the Reynolds-stress transport equations. It is found that all components of the velocity-pressure-gradient correlation vanish at the wall. Conventional splitting of this second-order tensor into a pressure diffusion part and a pressure redistribution part and subsequent neglect of the pressure diffusion term in the modelled Reynolds-stress equations leads to finite near-wall values for two components of the redistribution tensor. This, therefore, suggests that, in near-wall turbulent flow modelling, the velocity-pressure-gradient correlation rather than pressure redistribution should be modelled. Based on this understanding, a methodology to derive an asymptotically correct model for the velocity-pressure-gradient correlation is proposed. A model that has the property of approaching the high-Reynolds-number model for pressure redistribution far away from the wall is derived. A similar analysis is carried out on the viscous dissipation term and asymptotically correct near-wall modifications are proposed. The near-wall closure based on the Reynolds-stress equations and a conventional low-Reynolds-number dissipation-rate equation is used to calculate fully-developed turbulent channel and pipe flows at different Reynolds numbers. A careful parametric study of the model constants introduced by the near-wall closure reveals that one constant in the dissipation-rate equation is Reynolds-number dependent, and a preliminary expression is proposed for this constant. With this modification, excellent agreement with near-wall turbulence statistics, measured and simulated, is obtained, especially the anisotropic behaviour of the normal stresses. On the other hand, it is found that the dissipation-rate equation has a significant effect on the calculated Reynolds-stress budgets. Possible improvements could be obtained by using available direct simulation data to help formulate a more realistic dissipation-rate equation. When such an equation is available, the present approach can again be used to derive a near-wall closure for the Reynolds-stress equations. The resultant closure could give improved predictions of the turbulence statistics and the Reynolds-stress budgets.