FKI joins call from global trade groups for expanded WTO agreement on computer products

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A major Korean business lobby said on Monday it had joined industry groups around the world calling for the expansion of a World Trade Organization agreement to remove tariffs on computer products.

The Federation of Korean Industries (FKI) was among 43 trade and industry associations that submitted a joint letter to the world trade body regarding the Information Technology Agreement (ITA), a multilateral agreement on elimination of all taxes and customs duties on computer products, such as computers, telecommunications tools and semiconductors.

The ITA came into force in 1997 with the aim of promoting global trade and expanding access of computer products to underdeveloped countries at lower cost.

“South Korea, as a country actively participating in the global ICT value chain, believes that it is necessary to actively engage in the ITA-3 initiative to boost imports and exports and reflect new technologies,” an FKI official said.

Since its second revision in 2015, business sectors around the world have called for more technologies, such as advanced semiconductors, industrial robots and unmanned aircraft, to be added to zero-fare categories.

Lobby groups say the expansion of the ITA will help improve the productivity of member countries participating in global ICT supply chains, create more jobs, increase exports and promote the interests of developing countries. development.

Yonhap

Yonhap

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