The World Trade Organization (WTO) came to an agreement on Friday to add over 200 products to the Information Technology Agreement's (ITA) list of zero-tariff and free-trade goods. Included on the list of duty-free goods are video game consoles, computer software, GPS devices and ink cartridges, totalling $1 trillion worth of goods.
"ITA's expansion is great news for the American workers and businesses that design, manufacture, and export state-of-the-art technology and information products, ranging from MRI machines to semiconductors to video game consoles," U.S. Trade Representative Michael Froman said to Reuters.
The update to the 18-year-old agreement was claimed by Froman to create up to 60,000 jobs. Ángel Cabrera, president of George Mason University, took to Twitter to express his views on the deal.
— Ángel Cabrera (@CabreraAngel) July 24, 2015
The list also covers next-generation semiconductors. "That definitely impacts Intel and that's important but also as important are the other technologies that it covers that were not even dreamt of when the original ITA was negotiated," said Intel communications director Lisa Malloy.
The news is a major breakthrough for the global IT industry. 80 countries and territories participate in the ITA, including countries with major IT industries such as the U.S., UK and Japan. Overall, around 97 percent of global IT trade is covered by the ITA.