The FINANCIAL — ICC has welcomed the expansion of the World Trade Organization’s (WTO) Information Technology Agreement (ITA), a deal that eliminates tariffs on a broad range information technology products and services. ITA2 was finalized at the WTO ministerial meeting taking place this week in Nairobi, Kenya. Once implemented the deal is expected to inject US$190 billion into the global economy—making it one of the largest trade agreements in history.
ICC Secretary General John Danilovich said: “This is a truly important agreement for the global economy given the role played by information and communications technologies (ICTs) in driving growth and jobs the world over. ICTs will have a central role to play in achieving the new United Nations Sustainable Development Goals and this agreement is a major step forward towards achieving a brighter and more sustainable future for all.”
Under ICC’s World Trade Agenda initiative, in partnership with the Qatar Chamber, the ITA was identified as a global trade priority for the private sector to advance multilateral trade talks, according to ICC.
“ITA2 underscores the continued relevance of the World Trade Organization as a forum for trade liberalization,” Mr Danilovich said. “We encourage all WTO members to commit to further measures to strengthen the multilateral trading system as a driver of growth and development at the on-going Nairobi Ministerial.”