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WTO Member countries divided over agricultural and export subsidies

19, Dec 2015

More than 50 members of the World Trade Organization signed an agreement on Wednesday to remove import tariffs on 201 information technology products, marking the first major global tariff-cutting deal in 19 years. The products covered account for 10 percent of global trade and should mean consumers pay less for items such as GPS navigation systems, computers and other goods, while companies see cuts in the cost of machine tools. The deal, signed by 53 countries including China, will remove tariffs on trade worth $1.3 trillion, which is expected to give a $190 billion boost to the world economy.