The agreement initiated and brokered by the EU, will benefit both consumers and firms alike by removing customs duties on a wide range of goods, including medical equipment, video games and consoles, home hi-fi systems, headphones, blue-ray/DVR players, semi-conductors, and GPS devices. All in all, the deal will cover €1 trillion in global trade, covering close to 90% of world trade in the products concerned.
On this occasion EU Trade Commissioner Cecilia Malmström commented: "We’ve worked hard to broker this compromise between different countries and to find the best solutions for Europe. This major achievement adds much-needed momentum to the WTO. It clearly shows that countries around the world can work together to achieve solutions that benefit everyone. Looking ahead, this agreement is an inspiration to step up our efforts in the run-up to the WTO ministerial in Nairobi in December. That will be the 'make or break' meeting for the Doha development round – it will be the last chance to conclude it."
The full press release can be found here.
