49 WTO members agree on ‘landmark’ trade deal on slashing tech tariffs

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Berlin | Published: July 24, 2015 10:11:09 PM

Major trade powers have reached a deal to cut tariffs on around 200 technology products, a decision that could pave the way for lower prices for consumers.

WTO tech dealThe Geneva-based World Trade Organization says 49 of its members including the United States, China and the 28-country European Union reached a tentative accord that caps three years of talks. (AP)

Major trade powers have reached a deal to cut tariffs on around 200 technology products, a decision that could pave the way for lower prices for consumers.

The Geneva-based World Trade Organization says 49 of its members including the United States, China and the 28-country European Union reached a tentative accord that caps three years of talks.

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

The deal, which should be finalized by December, expands the scope of the 1996 Information Technology Agreement involving 81 countries.

WTO chief Roberto Azevedo called it a ”landmark” agreement that covers trade in products valued at over $1.3 trillion a year, or some 7 percent of global trade.

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