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Consider the following statements about the WTO’s Information Technology Agreement (ITA):
  1. The ITA requires each participant to eliminate and bind customs duties at zero for all products specified in the Agreement.
  2. The ITA now covers approximately 90% of the world trade in information technology products.
  3. The Agreement does not tackle nontariff barriers.
How many of the above statements is/are incorrect?
  • a)
    Only one
  • b)
    Only two
  • c)
    All three
  • d)
    None
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Consider the following statements about the WTO’s Information Te...
  • The Information Technology Agreement (ITA), signed in December, 1996, aims to eliminate all import duties and other charges on information technology products. The ITA requires each participant to eliminate and bind customs duties at zero for all products specified in the Agreement.
  • The ITA now covers 81 WTO (World Trade Organisation) members, which account for approximately 97% of the world trade in information technology products.
  • The Agreement also contains a commitment to tackle non-tariff barriers in the IT sector, and to keep the list of products covered under review to determine whether further expansion may be needed to reflect future technological developments.
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Consider the following statements about the WTO’s Information Technology Agreement (ITA): The ITA requires each participant to eliminate and bind customs duties at zero for all products specified in the Agreement. The ITA now covers approximately 90% of the world trade in information technology products. The Agreement does not tackle nontariff barriers.How many of the above statements is/are incorrect?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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