Your technology bills may drastically reduce by early next year

MUMBAI, INDIA: In what can be termed as a landmark trade deal, 49 WTO members have agreed to slash tariffs on around 200 technology products.

The products on which import duties will be scrapped include GPS navigation equipment, medical scanners and new-generation semiconductors.

The decision, when implemented into a strategy, sometime in December 2015, will in turn will can pave way for lower prices for consumers.

The 49 members include the United States, China and the 28-country European Union.

Roberto Azevedo, Chief, WTO, said that the landmark agreement covers trade in products valued at over $1.3 trillion a year, or 7 percent of global trade.