The World Trade Organisation (WTO) has agreed to cut tariffs on IT products worth over a trillion dollars.
In a statement, it said the tariff cuts would take place over a period of three years on products ranging from GPS systems to touch screens.
The WTO further stated said that the agreement is a landmark one, as the deal covers more than 200 products worth 1.3 trillion US Dollar in annual global trade.
This is larger than global trade in automotive products or trade in textiles, clothing, iron and steel combined.
The WTO said that though only 54 member-states took part in the talks but all 161 nations that make up the organisation can benefit from its terms.