(MENAFN) A trillion-dollar deal at the World Trade Organization to decrease tariffs in the vast information technology sector will stand or fall in the 24 hours, trade diplomats said, Khaleej Times reported.
A trade official involved with the talks said that a deal would be very unlikely because of a stand-off between South Korea and China, which was refusing all attempts to broker a compromise.
Countries representing 97 percent of global IT commerce are trying to agree on boosting the WTO's Information Technology Agreement, which would be the first global agreement on tariff cuts in more than a decade.
The accord would reduce tariffs on such products as medical equipment, GPS devices, video-game consoles and next-generation semiconductors, cutting more than 200 tariff lines to zero.
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