WTO lifts duties on tech products
Print Edition
DOZENS of countries have agreed to abolish duties on more than 200 technology products — from advanced computer chips to GPS devices, printer cartridges and video-game consoles.
The agreement, which was announced yesterday, marks the World Trade Organization’s first tariff-killing deal in 18 years.
The deal is an expansion of the 1997 Information Technology Agreement, which includes 80 WTO members. The updated accord covers products that generate US$1 trillion in annual global revenue, including US$100 billion a year for American companies.
The worldwide figure is equivalent to the total global trade in iron, steel, textiles and clothing combined, the WTO said.
Not all 161 WTO member economies signed up to the expanded deal, but all will benefit because it eliminates the tariffs on dozens of tech products regardless of which WTO economy they come from.
Tariffs are taxes imposed by governments around the world on imported goods.
Dean Garfield, president of the Information Technology Industry Council trade group in Washington, said the deal “will open markets, create jobs and spur economic growth around the world, as well as bring down costs for consumers.”
Talks on revising the technology agreement began in 2012. The breakthrough occurred when the United States and China worked out most of their differences during Chinese President Xi Jinping’s visit to Washington in November.
Negotiators still must complete technical details and a timetable for eliminating the tariffs. The work is expected to be completed by the time WTO members meet in Nairobi, Kenya, in December.
US Trade Representative Michael Froman called the deal “great news for American businesses that design manufacture and export technology and information products.”
His office said the deal will support 60,000 American jobs.
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