Washington DC – The National Foreign Trade Council (NFTC) today welcomed news that World Trade Organization (WTO) negotiators reached a breakthrough in talks on the Information Technology Agreement (ITA). NFTC Vice President for Global Trade Issues Jake Colvin released the following statement.
“The National Foreign Trade Council welcomes news of significant progress toward updating and expanding the ITA, which could eliminate up to an estimated $1 trillion in tariffs on goods that underpin the ability of the global economy to function in the digital age.
“We hope that advancements over the weekend will pave the way for the conclusion of an ambitious agreement to remove obstacles to trade in information technology goods globally. For NFTC member companies, many of which have played an active role in helping to bridge differences and cement progress among negotiators, this weekend’s news is an important milestone. While no agreement is perfect, the talks have dragged on long enough, and it is time to conclude a deal.
“We commend U.S. and the other ITA negotiating parties as well as WTO Director General Roberto Azevedo for their tireless efforts over many years to arrive at this moment. NFTC values the Obama Administration’s long-held commitment to finalizing and implementing the agreement, as there is more work to be done.
“Once concluded, the ITA will be a significant achievement for the WTO and its members, enhancing the credibility of the institution’s negotiating function and reinforcing the role it continues to play in advancing the rules-based global trading system.”
About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.