In major deal, WTO members cut tariffs on 201 IT products

The products covered account for 10 percent of global trade and should mean consumers pay less for items such as GPS navigation systems, computers and other goods, while companies see cuts in the cost of machine tools. The deal, signed by 53 countries including China, will remove tariffs on trade worth $1.3 trillion, which is expected to give a $190 billion boost to the world economy.

Good for business : It is the first major agreement to come out of the World Trade Organization’s ministerial conference under way in Nairobi. Once in force, the agreement will update the WTO’s 18-year-old Information Technology Agreement and add the new products to the list of goods covered by zero-tariff and duty-free trade.