As of July 2016, the countries belonging to the World Trade Organization will abolish duties on consumer electronics and ICT products. The agreement provides for phasing out duties during the next seven years, but the bulk of it comes into force in July.
During this time, about 130 categories of goods, including game consoles, TV-sets, GPS receivers, microelectronic chips, etc., which account for 88% of the total volume of import, will be exempted from duties. The agreement is expected to be implemented by 95% before 2019.
And after seven years 201 categories of goods, including touch screens, telecommunication satellites, means of production of printed circuit boards, some medical supplies, etc., will be exempt from duties. According to Association of Digital Europe’ estimates, the total amount of the duties that will be abolished under the agreement, will make up around $ 50 billion annually.
And the implementation of the agreement will increase the global gross domestic product by 190 billion dollars, according to Computerworld.