
Philippine Daily Inquirer By: Amy R. Remo, December 18th, 2015 01:43 AM MEMBER states of the World Trade Organization (WTO), including the Philippines, have concluded a landmark trade deal that will see the elimination of tariffs on 201 information technology products valued at over $1.3 trillion per year. In a statement, the WTO said members have agreed on the timetable for implementing the trade pact last Wednesday at the WTO’s Tenth Ministerial Conference in Nairobi. “This is a very significant achievement,” said WTO Director General Roberto Azevêdo. “Annual trade in these 201 products is valued at $1.3 trillion per year, and accounts for approximately 10 percent of total global trade. Eliminating tariffs on trade of this magnitude will have a huge impact. It will support lower prices—including in many other sectors that use IT products as inputs—it will create jobs and it will help to boost GDP growth around the world.” “This agreement is the first major tariff-cutting deal at the WTO since 1996—and it comes fast on the heels of the historic Bali Package. We now have two deals in two years which deliver real, economically significant results. I hope that this success will serve to inspire progress elsewhere in our work,” Azevêdo added. Negotiations were conducted among 53 WTO members, but all 162 WTO members are expected to benefit from the expanded Information Technology Agreement (ITA) as they will enjoy duty-free market access to the markets of the members eliminating tariffs on these products. The list of 201 Read More …