The EU and another 23 members of the World Trade Organization (WTO) today completed a trade deal that eliminates custom duties on more than 200 high-tech products. All participants have now presented their detailed commitments.
The deal, initiated by the EU, extends the 1996 Information Technology Agreement (ITA) to cover €1.3 trillion in global trade. This makes it the biggest tariff-cutting deal in the World Trade Organization in almost two decades.
"I warmly welcome the conclusion of this agreement," said EU Trade Commissioner Cecilia Malmström. "This is great news for consumers, who should see the prices of their favourite electronic products fall. It should also give a boost to Europe's high-tech manufacturing sector. We expect the deal to give our entrepreneurs easier access to state-of-the-art technology and help them reach out to the overseas markets." The Commissioner added: "The conclusion of the revised ITA agreement shows that we can achieve global solutions that benefit all sides. This should add momentum to the multilateral World Trade Organization process happening now in Nairobi."
The agreement will remove customs duties on a wide range of goods, including semi-conductors, medical equipment, game consoles and GPS devices, while respecting the sensitivity of those EU sectors that still require import tariffs (e.g. TVs, certain monitors, projectors and non-digital car radios).
Announcement related to conclusion of the textual part of the deal