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WTO Agrees on ‘Landmark’ Elimination of Tariffs on IT Products

© Sputnik / Ruben SprichWorld Trade Organization (WTO) logo at the entrance of the WTO headquarters in Geneva
World Trade Organization (WTO) logo at the entrance of the WTO headquarters in Geneva - Sputnik International
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The ruling will remove tariffs on such products as semi-conductors and telecommunications satellites.

WASHINGTON (Sputnik) — The United States alongside 53 other countries agreed to eliminate tariffs on nearly 200 information technology products amounting to more than $1 trillion in annual trade, the World Trade Organization (WTO) announced on Friday.

“Today's agreement is a landmark,” WTO Director-General Roberto Azevedo said. “Annual trade in these 201 products is valued at over $1.3 trillion per year, and accounts for approximately seven percent of total global trade today.”

World Trade Organization (WTO) logo at the entrance of the WTO headquarters in Geneva - Sputnik International
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The trade deal will phase out tariffs over three years on a range of information technology products, including semi-conductors, medical products and telecommunications satellites.

By eliminating tariffs, the WTO anticipates more jobs and economic growth while consumers will benefit from lower prices.

“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.

The other members of the 161 trade body that did not sign the agreement will also have access to tariff-free market access.

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