Friday, Feb. 24, 2017

Landmark Deal Reached to Expand Information Technology Agreement

By Export Council of Australia · July 28, 2015

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Fifty-four World Trade Organization members representing major exporters of information technology products agreed on July 24 to expand the Information Technology Agreement to provide duty-free treatment to over 200 additional tariff provisions and products.

WTO Director-General Roberto Azevêdo said that annual trade in these 201 products is valued at over $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.

“Eliminating tariffs on trade of this magnitude will have a huge impact,” Azevêdo said, adding “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.”

For more information please visit WTO website or ST&R Trade website

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