New York, N.Y., December 16, 2015 – The United States Council for International Business (USCIB) welcomed today’s long-awaited expansion of the WTO’s Information Technology Agreement (ITA), a deal that eliminates tariffs on a wide array of information technology products and services. ITA was finalized at the WTO ministerial meeting in Nairobi, Kenya, and once implemented the agreement is expected to inject $190 billion into the global economy.
“This market-opening agreement holds vast potential to boost U.S. exports and lower the costs of doing business for companies of all sizes,” said USCIB President and CEO Peter Robinson. “All businesses use ICTs, and dropping barriers on high tech products will contribute to global growth, jobs and sustainable development.”
The WTO estimates that ITA expansion will cut tariffs on over $1 trillion in annual global sales of high-tech products, of which $180 billion come from the Unites States. In addition to boosting American technology exports, the ITA is expected to support up to 60,000 new U.S. jobs.
The original 1996 ITA helped cement the growth of electronic commerce and the digital economy by freeing up trade in many IT goods and services. Today’s agreement expands the number of IT goods covered by ITA; it is the first major tariff-elimination deal at the WTO in 18 years.
Robinson added: “We applaud the determination displayed by U.S. Trade Representative Michael Froman and his team for securing the expansion of this agreement.”
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.
Jonathan Huneke, USCIB
+1 212.703.5043, email@example.com