Date: December 18, 2015
The recent decision by the World Trade Organization to expand its
Information Technology Agreement was welcomed Dec. 17 by the ROC Ministry of Economic Affairs.
Set to take effect July 1, 2016, at the earliest, the deal eliminates tariffs on 201 IT products with projected international trade of more than US$1.3 trillion a year, or 10 percent of the global total. The regime will be implemented in four stages over seven years.
Agreed by 24 members during the WTO’s 10th Ministerial Conference the day before in Nairobi, the agreement also contains commitment to tackling nontariff barriers in the sector. It is the first significant tariff-cutting deal concluded by the international trade body since 1996.
“As a major exporter of information and communications technology products, Taiwan will benefit tremendously from the landmark pact,” an official from the MOEA Office of Trade Negotiations said. [FULL STORY]