Technology Agreement Meaning In English

The aim of the treaty is to reduce all taxes and tariffs on information technology products by the signatories to zero. [2] The agreement also provides for the obligation to remove non-tariff barriers in the information technology sector and to review the list of products covered to determine whether further expansion may be necessary to take account of future technological developments. Chart 2 ITA expansion: estimated value of trade covered by the agreement, per member, 2011-2013 After 17 rounds of negotiations, on Saturday 18 July 2015, negotiators came close to an agreement on a list of products for the extension of ITA and a draft declaration explaining how the agreement will be implemented. Under the agreement, most tariffs on the 201 products will be abolished within three years, with reductions starting in 2016. By the end of October 2015, each of the participating members will present the other participants with a draft timetable specifying compliance with the terms of the agreement. Participants will spend the next few months preparing and reviewing these calendars. The aim is to complete this technical work in due course before the Ministerial Conference in Nairobi in December. ItA covers a large number of high-tech products, including computers, telecommunications equipment, semiconductors, semiconductor manufacturing and control equipment, software, scientific instruments and most parts and accessories of these products. Decisions by WTO bodies on the Information Technology Agreement are available in the WTO`s Analytical Indexes of Law and Practice Guide.

The Information Technology Agreement (ITA) is a multi-lateral agreement implemented by the World Trade Organization (WTO) and concluded in 1996 in the Ministerial Declaration on Trade in It-Tech Products, which came into force on 1 July 1997. Since 1997, an official WTO committee has overseed the following declaration and its implementation. [2] The agreement was extended in 2015. [3] Today, following the recent accession of the Republic of Seychelles, itA now has 81 WTO members, representing about 97% of the world`s trade in computer products. Chart 5 EXPANSION of the ITA: Tariffs on products covered by the agreement. At a meeting held on 24 July 2015, almost all participants agreed to extend the products covered by the Information Technology Agreement by removing tariffs from an additional list of 201 products. Annual trade in these 201 products is estimated at more than $1.3 trillion per year and now accounts for about 7% of total world trade.