IT products may become cheaper as tariffs are eliminated (Photo:Thorben Wengert / pixelio.de)

Fifty-four countries have agreed to eliminate tariffs on more than 200 IT products, freeing up global trade flows worth more than 1.3 trillion dlrs a year. The agreement was reached under the auspices of the World Trade Organization (WTO).

"Today's agreement is a landmark," WTO Director General Roberto Azevedo said in a press statement. The volume of trade affected accounts for roughly 7 pc of total global trade today, he said.

Acevedo said the agreement, which will be implemented over three years starting in 2016, holds out the promise of lower prices for several key IT products. "Eliminating tariffs on trade of this magnitude will have a huge impact," he said.

Among the products covered by the agreement are new-generation semi-conductors, navigation systems, medical products, machine tools for manufacturing printed circuits, telecommunications satellites and touch screens.