World Trade Organization removes the tariff on 200 commodity cartoon

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07/25/2015 09:02 GMT

  World Trade Organization removes the tariff on 200 commodity cartoon

 Agencies - the World Trade Organization removed tariffs on about 200 letter product to activate these products trade between the countries of the world, and that its capacity by about 3.1 trillion dollars a year.

 

And includes products that have been raising customs by the tariff, according to a statement, commodity groups electronic including the new generation of semiconductors (input Electronic Industries) and navigation systems (G Beye MSI), and medical products such as magnetic resonance imaging machines, printing machines, satellites, communications, and touch a sense of touch.

Trade Organization said in a statement on Friday that a meeting of 54 of the Member States in Geneva confirmed the development of an implementation plan and submit it to the ministerial meeting of the Organization to be held in the Kenyan capital Nairobi in December next.

The plan includes a start in the implementation of raising tariffs on specific goods process gradually for 3 years, beginning early in 2016.

Organization of trading volume of trade estimated range materials covered by the tariff by about 7 percent from almost the value of international trade.

And it is expected to contribute to remove customs duties for these commodity groups in lowering their prices and prices of materials used in their manufacture, as well as providing more job opportunities and promote GDP growth around the world.

It is noteworthy that this is the first agreement to reduce the tariff on the commodity groups carried out by the World Trade bound of about 18 years, and the benefit of 161 member countries in the region.

It is noteworthy that the Kingdom officially joined the World Trade Organization, which denoted by (WTO) on 17 December 1999.

 

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WTO seals landmark tariff-cutting IT deal

World Trade Organization members have finalized a deal to cut tariffs on a wide range of information technology products. Economists said the impact of the accord would be huge, given the sector's economic clout.

 

WTO finalised deal to cut IT tariffs

WTO member states on Friday agreed to abolish duties on 201 technology products, ranging from advanced computer chips to GPS devices, printer cartridges and video game consoles.

"Today's agreement is a landmark," WTO Director General Roberto Azevedo told journalists.

The accord marked the organization's first tariff-reducing deal in almost two decades and would serve as an expansion of the 1997 Information Technology Agreement, (ITA) which included 80 WTO members.

Officials said the updated accord covered products generating $1 trillion (911 billion euros) in annual global revenues, equal to the trade in iron, steel, textiles and clothing combined, the WTO stated.

The removing of costly tariffs is expected to give the global economy a $190 billion (173.1 billion-euro) boost.

"This deal will cut costs for consumers and business - in particular for smaller firms, which have been hit especially hard by excessive tariffs in the past," said EU Trade Commissioner Cecilia Malmström.

Far-reaching accord

But five of the 54 WTO members that negotiated the deal did not end up signing it, leaving the pact short of the quorum it needed to bring it into force in all 161 WTO countries.

Although not all 161 member countries chose to sign the deal, it will benefit all nations as it eliminates the tariffs on products no matter which WTO country they come from.

"The deal will open markets, create jobs and spur economic growth around the world, as well as bring down costs for consumers," said the president of the Information Technology Industry Council trade group in Washington, Dean Garfield.

Negotiators will still have to sort out some technical details until December when WTO members are due to meet in Nairobi, Kenya.