WTO members sealed a deal to cut tariffs on $1 trillion worth IT products

Jul 24, 2015 18:31 IST

World Trade Organization (WTO) members on 24 July 2015 struck a deal to add more than 200 products to the list of goods covered by zero-tariff and duty-free trade.

In value terms, the deal cuts tariffs on 1 trillion US dollar worth of information technology (IT) products, which is equal to global trade in iron, steel, textiles and clothing combined.

The deal was agreed as part of need to update the 18-year old Information Technology Agreement (ITA) as it has become redundant.

Products added range from advanced computer chips to GPS devices, medical equipment, printer cartridges and video-game consoles.

This will give a major boost to producers of goods ranging from video games to medical equipment. Technology manufacturers such as General Electric, Intel, Texas Instruments, Microsoft and Nintendo are among the many companies expected to benefit from the deal.

The Information Technology Agreement was finalized in 1997 and covered 80 WTO members. Efforts to expand the coverage of this agreement were launched in 2012.

The final technical details will be worked out until December 2015.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes25 People Agreed

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK