FKI joins global trade groups' call for expansion of WTO agreement on IT products
SEOUL, May 16 (Yonhap) -- A major South Korean business lobby said Monday it has joined industry groups around the world calling for an expansion of a World Trade Organization agreement on removing duties for IT products.
The Federation of Korean Industries (FKI) was among the 43 business and industry associations that have submitted a joint letter to the world trade body regarding the Information Technology Agreement (ITA), a multilateral agreement on eliminating all taxes and tariffs on IT products, such as computers, telecommunication tools and semiconductors.
The ITA came into force in 1997 with an aim to promote global trade and expand access of IT products to underdeveloped nations at lower costs.
"South Korea, as a country actively participating in the ICT global value chain, believes that it is necessary to actively engage in the ITA-3 initiative to boost imports and exports and reflect new technologies," a FKI official said.
Since its second revision in 2015, business sectors around the globe have called for the addition of more technologies, such as advanced semiconductors, industrial robots and unmanned aircraft, to the zero-tariff categories.
Lobby groups say that the expansion of the ITA will help enhance the productivity of the member countries participating in the global ICT supply chains, create more jobs, increase exports and promote the interests of developing nations.
elly@yna.co.kr
(END)
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Ex-Justice Minister Cho slams Yoon's statement on crushing election defeat
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Yoon, Daegu mayor met to discuss post-election matters: sources
-
Hybe says spinoff attempt by subsidiary label revealed clearly
-
N.K. leader's sister slams joint S. Korea-U.S. military drills
-
(LEAD) N. Korea says Kim guided simulated nuclear counterattack drill
-
Pentagon stresses close consultation with S. Korea after simulated N.K. 'nuclear counterattack' drill
-
(LEAD) N. Korea sends economic delegation to Iran amid suspected military cooperation