Consider the following statements with reference to the Information Technology Agreement (ITA): It is one of the significant tariff liberalization arrangement negotiated under G20. According to the rules of the ITA, all the signatories have to eliminate customs duties for certain high technology products. India is not a signatory of the Information Technology Agreement.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?

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Consider the following statements with reference to the Information Technology Agreement (ITA):

It is one of the significant tariff liberalization arrangement negotiated under G20.
According to the rules of the ITA, all the signatories have to eliminate customs duties for certain high technology products.
India is not a signatory of the Information Technology Agreement.

Which of the statements given above is/are correct?

a)
1 and 2 only
b)
2 only
c)
1 and 3 only
d)
1, 2 and 3

Correct answer is option 'B'. Can you explain this answer?

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Consider the following statements with reference to the Information Te...

Information Technology Agreement (ITA) is the first and most significant tariff liberalization arrangement negotiated in the WTO after its establishment in 1995. All the signatories are members of the World Trade Organization (WTO). Hence, statement 1 is not correct.
As per the rules of the ITA, all the signatories have to “eliminate and bind customs duties at zero for all products specified”. It led to the elimination of import duties on specified IT products. Hence, statement 2 is correct.
The ITA covers a large number of high technology products, including computers, telecommunication equipment, semiconductors, semiconductor manufacturing and testing equipment, software, scientific instruments, as well as most of the parts and accessories of these products.
India is a signatory to the Information Technology Agreement (ITA) (now also known as ITA-1), a plurilateral agreement of WTO signed in 1997. Hence, statement 3 is not correct.

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Consider the following statements with reference to the Information Te...

Explanation:

The correct answer is option B: 2 only.

Statement 1: It is one of the significant tariff liberalization arrangements negotiated under G20.

This statement is incorrect. The Information Technology Agreement (ITA) is not negotiated under the G20. The ITA is a plurilateral agreement negotiated under the auspices of the World Trade Organization (WTO). It was concluded by a group of 29 WTO members in 1996 and aimed at eliminating tariffs on certain information technology products.

Statement 2: According to the rules of the ITA, all the signatories have to eliminate customs duties for certain high technology products.

This statement is correct. The ITA requires signatories to eliminate customs duties on a wide range of information technology products. The agreement covers products such as computers, telecommunication equipment, semiconductors, software, and electronic components. By eliminating tariffs, the ITA aims to promote trade in these products, facilitate global supply chains, and encourage the diffusion of technology.

Statement 3: India is not a signatory of the Information Technology Agreement.

This statement is correct. India is not a signatory of the ITA. Although India has been a prominent player in the information technology sector, it has not joined the ITA. This decision has been driven by concerns about the impact of tariff elimination on domestic industries and revenue loss. India has instead pursued other avenues to promote its information technology exports, such as bilateral trade agreements and domestic policies.

In conclusion, statement 1 is incorrect, statement 2 is correct, and statement 3 is correct. Therefore, the correct answer is option B: 2 only.

Answered by Notes Wala · View profile

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Consider the following statements with reference to the Information Technology Agreement (ITA): It is one of the significant tariff liberalization arrangement negotiated under G20. According to the rules of the ITA, all the signatories have to eliminate customs duties for certain high technology products. India is not a signatory of the Information Technology Agreement.Which of the statements given above is/are correct?a)1 and 2 onlyb)2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?

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