Technology Trade Tariffs to be Eliminated

According to M&G Africa, trade negotiators tentatively agreed on Saturday to eliminate tariffs on an array of technology products valued at $1 trillion worth of global commerce– stepping one step closer toward the World Trade Organization’s Information Technology Agreement. Said agreement will apply to all WTO members, of which account for about 97% of global trade in IT products.

The question of various tariffs was brought into discussion at the beginning of the talk on July 14. USTR office revealed that tariffs on semiconductors, magnetic resonance imaging machines, global positioning system devices, printer ink cartridges, video game consoles and other products will be cut to zero under the deal. Though pending final approval, the expanded products list paves the way for a finalized deal that would contribute as much as $190 billion to the global gross domestic product (GDP) and support 60,000 U.S. jobs.

Negotiators will meet again for discussions of the final deal during December 15-18 in Nairobi, Kenya. It is hoped that the deal would come into force as soon as July 2016.

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