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Customs exemption for IT products

IT-ProdukteThe member states of the World Trade Organisation (WTO) have agreed to completely axe the customs duties for 201 products of the IT, entertainment electronics and electrotechnology sectors for a period of three years. The European Union, the USA, China, Japan, South Korea, Switzerland and 21 further states agreed to the extended Information Technology Agreement (ITA) at the 10th Minister Conference of the WTO in December 2015 in Nairobi.

In a first step, initially the custom duties for more than one hundred technical product groups were axed as of July 1, 2016. On July 1 in 2017, 2018 and 2019 respectively further goods are to follow, so that in total 201 product groups will be duty-free, including GPS appliances, touchscreens, copying machines, multifunctional printers, ink cartridges, LED modules, loudspeakers, earphones, amplifiers, cameras, game consoles, medical appliances and diverse data storage devices. The agreement comprises of around 10% of the world trade in the affected product categories, which according to the official accounts of the WTO corresponds to a value of approx. 1.3 tril. US Dollars.

www.wto.org

Photo source: iStock

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2016-10-28T14:19:29+00:00 August 9th, 2016|