The Information Technology Agreement (ITA) was established in 1996, aiming to provide a framework for global information technology trade by eliminating tariffs on IT products. The agreement initially covered IT products worth $1.3 trillion. Today, the ITA covers $4 trillion worth of IT products globally, including medical devices and touch screens.
Recently, the ITA has expanded even further as 54 member countries joined forces to eliminate tariffs on additional IT products worth an estimated $1.3 trillion in trade. This expansion includes new additions such as video game consoles, software, and semiconductors.
This expansion of the ITA agreement has been in the works for over six years, and it is seen as a significant achievement for global trade, innovation, and growth. The agreement is expected to lead to the creation of jobs across the globe while also ensuring that consumers have access to affordable technology products.
The ITA expansion will help to reduce the cost of digital products, which should, in turn, increase consumer demand for digital products. This increased demand for digital products will lead to new and exciting innovations in the technology sector, which will drive economic growth and job creation worldwide.
Elimination of tariffs on IT products is also expected to reduce the cost of running businesses and enterprises, which will encourage investment and increase competitiveness. The expansion of the ITA agreement will help level the playing field for businesses and provide equal access to global IT markets for everyone.
Finally, the expansion of the ITA agreement will help to keep multinational corporations accountable by ensuring that they do not indulge in protectionist practices that are harmful to global trade. It will allow companies to bring their products to new markets, create better pricing opportunities, and expand their operations to new regions.
In conclusion, the expansion of the ITA agreement is a significant achievement for the global technology industry. This expansion will result in numerous benefits to businesses, consumers, and the global economy, and it is expected to lead to sustained innovation, growth, and development in the years to come.