BEIJING - China's Ministry of Commerce on Saturday lauded the value in the upcoming conclusion of negotiations on expanding the Information Technology Agreement (ITA), a tariff cutting mechanism under the World Trade Organization (WTO).
WTO members representing major exporters of information technology products on Friday agreed to eliminate tariffs on 201 new products, according to WTO's press release.
This step forward cleared the way for ministers from the participants to conclude their implementation plans in Nairobi in December 2015 when the WTO holds its 10th Ministerial Conference.
"If the negotiations are concluded as scheduled, they will be the only completed WTO negotiations on market access in recent years," the ministry said in a statement on its website.
The negotiation results will further promote global trade and world economic growth, and also inject new vitality into multilateral trade negotiations, according to the statement.
Products covered by this expansion include new-generation semi-conductors, GPS navigation systems, medical equipment, as well as machine tools for manufacturing printed circuits, telecommunications satellites and touch screens.
Global trade of those products valued at more than $1.3 trillion each year, representing about 7 percent of total world trade volume, WTO data showed.
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