The World Trade Organisation (WTO) has struck a “landmark” deal to cut tariffs on $1.3 trn (£838bn) worth of technology products.
The deal will update the 18-year-old IT Agreement and add 200 products to the zero tariff list.
It is expected to give a boost to producers of goods ranging from video games to medical equipment.
The WTO says the sum is equal to global trade in iron, steel, textiles and clothing combined.
“Today’s agreement is a landmark,” said WTO Director-General Roberto Azevedo.
“Eliminating tariffs on trade of this magnitude will have a huge impact,” he continued.
“It will support lower prices – including in many other sectors that use IT products as inputs – it will create jobs and it will help to boost GDP growth around the world.”
The final technical details will be worked out until December.
The existing 1996 IT agreement was seen by industry and policy makers as woefully out of date as it did not cover devices and products invented since then.
Products added range from advanced computer chips to GPS devices, medical equipment, printer cartridges and video-game consoles
Technology manufacturers such as General Electric, Intel, Texas