Canada has always been an island in the digital world.
According to a statement from Chrystia Freeland, the minister of international trade, Canada will eliminate tariffs that contribute to this mentality.
As a result of the implementation of an expanded Information Technology Agreement (ITA), Canadians may see lower costs and increased trade opportunities, particularly on technology products.
In implementing the World Trade Organization’s (WTO) expanded ITA, Canada eliminated tariffs on a list of 201 tech and information-related products. This agreement builds on the original 1996 ITA.
“Canada is pleased to see the elimination of tariffs on these additional 201 tech products. This will benefit Canadian businesses and workers, allowing for easier access to the latest technology and making our exports more attractive in foreign markets. We encourage our global partners to consider the benefits of joining this initiative,” said Freeland in a statement sent to MobileSyrup.
On July 1st Canada officially agreed to the terms, which eliminated tariffs on the majority of tech products under the ITA. The elimination of any remaining tariffs will take place over the next three years.
The statement went on to say that Canadian exporters of audiovisual products and parts, flight simulators, telecommunication products, software, media-storage devices, medical devices, touch-screen devices and medical equipment will benefit favourably from this deal.
Canada is one of 53 WTO members to be participating in the expanded ITA, which includes a list of 201 products that are listed in the official Declaration on the Expansion of Trade in Information technology Products.
Some of the consumer products included in the agreement include different kinds of machinery, audio equipment, headphones and earphones, digital cameras and video recorders and certain kinds of video games and consoles among many others.
Related reading: Canadian government launched ‘Innovation Agenda” website