Washington - The Information Technology Industry Council (ITI), the global voice of the tech sector, released the following statement from ITI President and CEO Dean Garfield upon approval of the updated product list that will be covered under the World Trade Organization's (WTO) expanded Information Technology Agreement (ITA). The revised agreement would eliminate tariffs on roughly $1 trillion in annual global sales of various technology products. More than $100 billion worth of those products are from U.S. manufacturers.
“The ITA expansion is game changing for the technology sector and people who use and love technology around the world. This agreement not only makes history by representing the biggest tariff-elimination undertaking achieved by the WTO in nearly two decades, it will open markets, create jobs and spur economic growth around the world, as well as bring down costs for consumers.
“We applaud WTO Director-General Roberto Azevêdo, U.S. Trade Representative Michael Froman and U.S. Ambassador and Representative to the WTO Michael Punke for their tireless efforts to secure this critical agreement.”
The ITA expansion will phase out more than 200 tariffs on technology products including GPS devices, video game consoles, computer software and next-generation semiconductors. The agreement could add as much as $190 billion to the global gross domestic product per year and support some 60,000 U.S. jobs. The ITA is expected to be finalized in time for the WTO Ministerial Conference in Nairobi, Kenya in December.