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WTO members sealed a deal to cut tariffs on $1 trillion worth IT products

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World Trade Organization have finalized to cut tariffs by adding more than 200 products to the list of  technology products covering  from advanced computer chips to GPS devices,printer cartridges and video consoles on JULY 24,2015.

  • An 18 YEAR OLD Information technology agreement(ITA),a 1997 agreement as become redundant to get updated through this deal.
  • Through this agreement more than $100 billion of U.S. exports alone would be covered through this updated agreement and also an additional 60,000 jobs will be supported through this removal of tariff ,said by U.S. Trade Representative MichaelFroman.
  • Azevedo said that the trade covered in this agreement is comparable to annual global trade in iron,steel,textiles and clothing.
  • GENERAL ELECTRIC CO, INTEL CORPORATION,TEXAS INSTRUMENT INC,MICROSOFT CORP, and NINTENDO CO are the companies expected to benefited through this agreement.
  • By removing this costly tariffs,it is expected to give global economy boost to $ 190 billion.
  • Negotiators will still have to sort out some technical details December, 2015 when WTO members are due to meet in Nairobi, Kenya.