At total of 54 World Trade Organisation (WTO) member countries agreed on Friday to eliminate export tariffs on more than 200 information technology (IT) products.
The WTO member countries will now focus on completing their respective implementation plans in time for the WTO10th Ministerial Conference to be held in Nairobi this December.
“Today's agreement is a landmark,” said WTO director-general, Roberto Azevêdo. “Annual trade in these 201 products is valued at over US$1.3 trillion per year, and accounts for approximately 7% of total global trade today. This is larger than global trade in automotive products – or trade in textiles, clothing, iron and steel combined.”
He said that eliminating tariffs on trade of this magnitude would support lower prices – including in many other sectors that use IT products as inputs – and that would create jobs and help to boost GDP growth around the world.
“This is the first major tariff-cutting deal at the WTO in 18 years. I hope that this success will inspire members in other areas of our negotiations.”
Azevêdo added that no other negotiating forum could include so many countries. He pointed out, as well, that all 161 WTO members would benefit from this WTO agreement as they would all enjoy duty-free market access in the markets of those members who were eliminating tariffs on these products. The terms of the agreement will be formally circulated to the full membership at a meeting of the WTO General Council today (Tuesday)
Global exporters reach landmark $1.3 trillion IT trade deal
Comments | 0
© Now Media. This content is protected by copyright and may not be adapted or republished. If you would like to discuss cooperation opportunities, please contact: editor@freightnews.co.za.
