BEIJING – China and USA in advanced negotiations to eliminate tariffs on information technology products, a deal that could pave the way for the first reduction agreement important tariff at the World Trade Organization (WTO) in 17 years.
The advance would allow “speedy conclusion” on negotiations to expand the Information Technology Agreement (ITA, its acronym in English) at the WTO in Geneva later this year, the US trade representative, Michael Froman, the reporters on Tuesday.
The agreement will reduce global tariffs on products such as medical equipment, GPS devices, video game consoles and the next generation semiconductors.
“This is encouraging news for the relationship between the US and China,” Froman said in Beijing, where the summit meetings of the Asia-Pacific Economic Cooperation (APEC) occurred.
“This shows how the US and China work together to advance our bilateral economic agenda, but also to support the multilateral trading system,” he added.
The ITA, which entered into force in 1997, now involves more than $ 4 trillion in annual trade, according to the US government. ITA participants pledged to eliminate tariffs on items such as computers and computer software, telecommunications equipment and other advanced technology products
Topics:. Asia , China , Foreign Trade , Business , USA , Rich countries , Technology
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