WTO strikes ‘landmark’ deal to slash tariffs on tech products

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WTOForty-nine countries have reached a deal to cut tariffs on around 200 technology products worth about USD 1.3 trillion in annual global trade, said the World Trade Organisation (WTO).

“It is a landmark agreement that covers trade in products valued at over $1.3 trillion a year, or some 7 per cent of global trade,” WTO Chief Roberto Azevedo said.

The products on which import duties will be scrapped include GPS navigation equipment, medical scanners and new-generation semiconductors.

According to report, details of the deal would be finalised by December.

The deal expands the scope of the 1996 Information Technology Agreement that involved 81 countries.

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