(MENAFN- Khaleej Times) The World Trade Organisation (WTO) on Friday said the major exporters of information technology products agreed, after years of talks, to cut global tariffs in the sector, which generates $1.3 trillion in annual trade.
"Today's agreement is a landmark," WTO Director-General Roberto Azevedo said in a statement, describing the accord as "the first major tariff cutting deal" at the organisation in 18 years.
Negotiators will now begin discussions on how to implement the Information Technology Agreement (ITA) with the intention of concluding talks before the WTO Ministerial Conference on December 15-18 in Nairobi, Kenya.
US technology industry officials say they hope the deal can enter into force as soon as July 2016. Annual trade in the products included in the pact is valued at more than $1.3 trillion per year, according to a WTO statement.
"This was a very good day for the ITA negotiations and we are very pleased with the outcome," Deputy US Trade Representative Michael Punke told reporters in Geneva. "This is going to support a lot of cutting-edge jobs in the United States."
Items in the agructors, according to the statement. - Agencies
eement include GPS navigation systems, medical products and new-generation semicond
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