Agreement on trade in IT products approved by EU
The 1996 IT agreement was concluded originally by 29 parties, and their number has since grown to 82. Participation now represents about 97% of world trade in IT products. The new agreement covers an additional 201 products, which according to the WTO are valued at over $1.3 trillion per year.
These include new generation semiconductors, GPS navigation systems, magnetic resonance imaging machines, machine tools for manufacturing printed circuits, communications satellites and touchscreens.
The new agreement was negotiated by the Commission on the basis of a mandate granted by the Council in July 2009.
On 8 June 2016, the European Parliament gave its consent to the conclusion of the agreement by the EU.
The decision to conclude the agreement was taken without discussion at a meeting of the Economic and Financial Affairs Council.