WTO eliminates tariffs on IT products

07/31/2015

The World Trade Organization (WTO) concluded its negotiations on the expansion of the 1997 Information Technology Agreement (ITA) at the end of July. The updated accord cuts tariffs on 201 IT products, such as semiconductors or medical engineering products, worth about $1 trillion. The agreement is intended to be signed in the course of the WTO Ministerial Conference in December and come into effect in July 2016.

Regarding the decision, Dr. Thomas Zielke, Representative of German Industry and Trade, said:

“The agreement on new tariff reductions is good news for German businesses and their employees. German components and finished products are traded all over the world. The quality of such products, for example in medical technology, is highly appreciated here in the United States. This is why German companies at home and abroad benefit from the reduction of trade barriers.”