WTO reach landmark $1.3 trillion IT trade deal

Geneva, July 25 (IANS) The World Trade Organisation (WTO) has struck a deal where over 200 information technology products would be freed from import tariffs, a media report said on Saturday.

Valued at $1.3 trillion in annual trade, the products include new generation semi-conductors, GPS navigation, medical equipment, as well as machine tools for manufacturing printed circuits, telecommunications satellites and touch screens, Xinhua news agency reported.

“The list is closed and that is the major conclusion of today’s (Friday) work,” WTO Director General Roberto Azevedo said referring to the list of 201 new products on which tariff barriers will be eliminated.

“Eliminating tariffs on trade of this magnitude will have a huge impact. It will support lower prices, including in many other sectors that use IT products as inputs, it will create jobs and it will help to boost GDP growth around the world,” Azevedo said.

WTO indicated that under the terms of agreement, the majority of tariffs on the products will be lifted within three years, with reductions starting as soon as 2016.

This agreement builds on an initial accord reached by 54 WTO members on July 18, which will be used as a basis for implementation work to begin.

WTO indicated that the terms of the agreement will be formally circulated to the full membership on July 28.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here