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53 states eliminate tariffs on 201 IT products in major WTO trade deal
FIFTY-THREE 50 World Trade Organisation (WTO) members have agreed to remove import tariffs on 201 information technology products, marking the first major global tariff-cutting deal in 19 years, Reuters reported.
The products account for 10 per cent of global trade and should mean consumers pay less for items such as GPS navigation systems, computers and other goods, while companies see cuts in the cost of machine tools.
The deal, signed by scores of countries including China, will remove tariffs on trade worth US$1.3 trillion, which is expected to give a $190 billion boost to the world economy.
It is the first major agreement to come out of the WTO's ministerial conference in the Kenyan capital, Nairobi, and was hailed as a victory for global commerce and for the famously slow-moving organisation.
¨The ITA expansion is a major win for the World Trade Organisation, the producers of the information and communications technology products and very importantly for consumers around the world," said US Trade Representative Michael Froman.
Next generation semi-conductors, medical products including magnetic resonance imaging (MRI) machines, printed circuits and satellites are all included in the deal, the WTO said.
General Electric, Intel Corporation, Texas Instruments, Microsoft Corp and Nintendo are among companies expected to benefit from the deal.
The products account for 10 per cent of global trade and should mean consumers pay less for items such as GPS navigation systems, computers and other goods, while companies see cuts in the cost of machine tools.
The deal, signed by scores of countries including China, will remove tariffs on trade worth US$1.3 trillion, which is expected to give a $190 billion boost to the world economy.
It is the first major agreement to come out of the WTO's ministerial conference in the Kenyan capital, Nairobi, and was hailed as a victory for global commerce and for the famously slow-moving organisation.
¨The ITA expansion is a major win for the World Trade Organisation, the producers of the information and communications technology products and very importantly for consumers around the world," said US Trade Representative Michael Froman.
Next generation semi-conductors, medical products including magnetic resonance imaging (MRI) machines, printed circuits and satellites are all included in the deal, the WTO said.
General Electric, Intel Corporation, Texas Instruments, Microsoft Corp and Nintendo are among companies expected to benefit from the deal.
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