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The full form of ITA is the Information Technology Agreement, which is an agreement undertaken by the World Trade Organization (WTO) that helps in the elimination of tariffs on information technology products and services. It is said that the ITA was concluded in December 1996 at the Singapore Ministerial Conference by 29 participants. Read this blog to learn more about the full form of ITA and its other details.
Table of Contents
Overview of ITA
The Information Technology Agreement, which is most commonly referred to as ITA, is an agreement by the WTO to eliminate all import duties on several information technology goods and products.
- Around 95% of global trade in IT products is comprised of the current signatory countries, of which India is a part, as well as a list of the selected IT products that have been permitted to postpone their duty reductions.
- The main six categories of goods that have received duty-free status are computers, telecommunications equipment, semiconductors, semiconductor manufacturing equipment, software, and scientific equipment.
- The World Trade Organization (WTO) oversaw the negotiations of the ITA, which was signed on December 13, 1996, during a ministerial conference in Singapore.
- The agreement came into effect on March 13, 1997, and is considered to have no expiration date.
Also read: What is the Full Form of ITS?
ITA Benefits
The ITA benefits several sectors of the economy, but the major focus is on the Information and Communication Technology sector and also helps the other sectors that rely on it. It benefits the Information and Communication Technology sector by:
- Due to the agreement, the IT products are cheaper.
- With easier and cheaper trade, companies can export and import IT products more easily.
- Several nations are frequently involved in the manufacturing of complex IT products. ITA engages in a more seamless cross-border flow of IT products and services.
- Affordable IT tools and software can lead to more productivity across various industries.
- As businesses discover new ways to use technology for their particular needs, the spread of IT frequently encourages innovation in other industries.
- The extensive use of technology and the growth of the IT industry can lead to the overall economic growth of a country.
FAQs
The ITA was signed on December 13, 1996, during a WTO ministerial conference in Singapore.
The ITA aims to eliminate import duties on various information technology goods and products.
The ITA primarily benefits the Information and Communication Technology (ICT) sector, making IT products cheaper and facilitating easier trade.
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