Goods and services | Brussels, 1 July 2016
EU removes customs duties on IT equipment
On 1 July the EU will expand duty-free treatment to new IT products covered by the Information Technology Agreement (ITA) revised in December 2016. The agreement should eliminate custom duties on more than 200 IT products in 54 countries of the world, which represents around 90% of the global trade in such products.
The EU, together with the US, is among the first participants to ratify and implement the expanded agreement.
As a result, EU citizens will enjoy cheaper access to IT-goods such as GPS, video and audio technology including multi-media software and video-games.
Also, cheaper components and parts will allow EU industry to lower their production costs and will help to keep production in the EU.
Elimination of tariffs in other participating countries will also help EU exports to take off. Procedural delays have occurred in China, Japan and Korea, but implementation by these countries is expected soon. The last participating countries (Australia, Iceland, the Philippines and Switzerland) will implement the agreement as of 1 January 2017.