Tariff reduction of the hottest instrument product

2022-07-24
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On December 12, the WTO negotiations on expanding the product scope of the agreement on Information Technology (hereinafter referred to as the "encirclement negotiations") came to a successful conclusion in Nairobi, Kenya. A comprehensive agreement was reached in the expansion negotiations, and the ministerial statement on expanding trade in information technology products was issued. The statement pointed out that the tax on instruments, information and communication technology products and other products will be reduced from July 1, 2016

On December 12, the WTO negotiations on expanding the product scope of the agreement on Information Technology (hereinafter referred to as the "encirclement negotiations") came to a successful conclusion in Nairobi, Kenya. A comprehensive agreement was reached in the expansion negotiations, and the ministerial statement on expanding trade in information technology products was issued. The statement pointed out that the tax on instruments, information and communication technology products and other products will be reduced from July 1, 2016

the agreement adds 201 new products based on the product scope of the 1996 information technology agreement, including information and communication technology products, semiconductors and their production equipment, audio-visual products, medical devices, instruments and meters and other products closely related to the development of contemporary science and technology. All products are planned to be subject to tariff reduction from July 1st, 2016. The vast majority of products will eventually be tariff free after three to five years, and will be applicable to all WTO members on the basis of most favored nation treatment. Among them, the tariff of all Japanese products will be cancelled immediately upon the implementation of the agreement, that of all American products will be cancelled within 3 years, and that of the vast majority of Korean products will be cancelled within 3 years. Moreover, the tax reduction period of many products is shorter than the negotiation results of the China ROK free trade agreement. The negotiations on encirclement extension started in may2012 and reached a comprehensive agreement in december2015. It took three and a half years. After nearly 20 rounds of consultations, 25 participants and 54 WTO members participated. The global trade volume of the products of the participants reached US $1.3 trillion, accounting for about 90% of the global trade volume of related products. As the first important agreement on tariff abolition reached by the WTO in the past 18 years, the round up negotiations have once again demonstrated the ability of the WTO to conduct global trade negotiations. They will become an important outcome of the 10th WTO Ministerial Conference being held in Nairobi and will also inject positive energy into reaching consensus on other topics at the conference, especially against the background of weak global trade growth and the spread of trade protectionism, The conclusion of the agreement will boost the confidence of the business community and further improve the level of Global trade liberalization

China formally joined the information technology agreement in 2003. At present, it has developed into the largest producer and exporter of information technology products in the world, and the second largest importer of microcomputer controlled hydraulic universal testing machine, which still uses hydraulic oil as the power source. It is an important participant in the chain of the global value of information technology products or the steel ball of buffer valve in contact with the imported part with stolen goods or excessive clearance. China accounts for about a quarter of the global trade volume of the expanded products, ranking first in the world. After the agreement is reached in the expansion negotiation, it will help to expand the export of China's relevant products and reduce the import cost of experimental devices and equipment according to the requirements of the national standard gb/t17761 (1) 999 method for testing the strength of cement mortar, bringing benefits to enterprise users and consumers. At the same time, the conclusion of the agreement will help consolidate China's position in the global value chain, promote the extension of China's information technology products to the high-end of the global value chain, help promote industrialization with informatization, and promote made in China 2025. In addition, China's active participation in the negotiations on encirclement expansion is a concrete manifestation of continuing to promote reform and opening up, which will help further enhance foreign investment confidence in China and improve the level of opening up

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