On 24 July 2015, World Trade Organization (WTO) members finalized a deal to cut tariffs on $1 trillion worth of information technology products in a boost for producers of goods ranging from video games to medical equipment.
The agreement to update the WTO’s 18-year-old Information Technology Agreement (ITA) adds more than 200 products to the list of goods covered by zero-tariff and duty-free trade.
The U.S. Trade Representative said more than $100 billion of U.S. exports alone would be covered by the updated agreement and industry estimates showed the removal of tariffs could support up to 60,000 additional jobs.
Technology manufacturers like General Electric Co, Intel Corporation, Texas Instruments Inc, Microsoft Corp and Nintendo Co are among companies expected to benefit from the deal.
Additional duty-free products include computer software and software media, video game consoles, printer ink cartridges, GPS devices, medical devices such as MRI machines and next generation semiconductors.