Dozens of countries have agreed to abolish duties on more than 200 technology products – from advanced computer chips to GPS devices, printer cartridges and video-game consoles.
The agreement, which was announced yesterday, marks the World Trade Organization’s first tariff-killing deal in 18 years.
The deal is an expansion of the 1997 Information Technology Agreement, which includes 80 WTO members. The updated accord covers products that generate US$1 trillion in annual global revenue, including US$100 billion a year for American companies.
The worldwide figure is equivalent to the total global trade in iron, steel, textiles and clothing combined, the WTO said.
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Source Credits: China Economic Net