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A new global trade agreement will make IT products cheaper. Over 50 countries agreed to end import duties on 200 IT products. All 28 countries from the European Union signed, as well as China, Japan, South Korea, and the U.S. It was signed at a World Trade Organization meeting. It will affect a variety of products, including smartphones, cameras, ink cartridges, video game consoles and even satellites. Import duties will be removed from the IT products in the next four years. This will affect $1.3 trillion worth of global trade. This is about 7 per cent of all world trade.
The deal will be good for the world. The EU said: "This is a great deal for consumers, and for companies big and small. We've worked hard…to find the best solutions." It added: "This deal will cut costs for consumers and business - in particular, for smaller firms, which have been hit especially hard…in the past." The EU hopes more countries will sign in the next few years. It said: "Countries around the world can work together to achieve solutions that benefit everyone." It added that many more countries should join the deal soon.
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