World Trade Organization lifts duties on tech products

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.

Read more on this in the source site, after the first four paragraphs. Click.. here.

Source Credits: China Economic Net

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