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24 July 2015
- From the section Business
The World Trade Organization (WTO) has finalised a deal to cut tariffs on $1 trillion (£644bn) worth of information technology products.
The deal updates the 18-year-old IT Agreement (ITA) and adds 200 products to the zero tariff list.
It is expected to give a boost to producers of goods ranging from video games to medical equipment.
The WTO says the sum is equal to global trade in iron, steel, textiles and clothing combined.
The final technical details will be worked out until December.
The previous 1996 ITA was seen by industry and policy makers as woefully out of date as it did not cover devices and products invented since then.
Products added range from advanced computer chips to GPS devices, medical equipment, printer cartridges and video-game consoles
Technology manufacturers such as General Electric, Intel, Texas Instruments, Microsoft and Nintendo are among the many companies expected to benefit from the deal.
Negotiations on updating the technology agreement began in 2012.
