Changshu balance equipment business transformation and upgrading

China, the World Trade  Organization (WTO) to expand the "Information Technology Agreement"  product range negotiations 25 participants reached a comprehensive  agreement on the expansion negotiations. Although the EU as  a party to participate in the negotiations and reached an agreement  with other parties, but according to the relevant provisions of the EU,  the EU must be approved by the European Parliament in order to formally  sign and implement the agreement. The 201 products  covered by this agreement were added on the basis of the 1996  "Information Technology Agreement" product range, mainly including  information and communication technology products, semiconductors and  their production equipment, audio-visual products, medical equipment and  instrumentation.

After  consultation with the parties, on December 16, 2015, 24 participants,  including China, jointly issued the Ministerial Declaration on the  Expansion of Trade in Information Technology Products. It was clear that  all participants would, after completing their domestic approvals, Treatment principle, the members of the World Trade Organization to  gradually abolish 201 import tariffs on information technology products.

This  is the first significant tariff reduction achieved by the World Trade  Organization over the past two decades, with annual global trade volumes  of approximately $ 1.3 trillion, and the successful implementation of  this outcome will strongly contribute to global trade, investment and  information technology Development, making an important contribution to global economic growth.

It is reported that China's trade volume of these products accounts  for about a quarter of the global trade volume of similar products,  ranking first in the world.

The implementation of tariff reductions by participating parties will  help to promote the export of China's information technology products  and help enterprises in China to use information technology products to  reduce costs and improve production efficiency and move towards high-end  industries.

China's  tariff reduction will also be objective to the domestic, Changshu  balance instrument related industries to bring pressure and challenges,  will force enterprises to speed up the transformation and upgrading,  quality and efficiency, and continuously improve the core  competitiveness and sustainable development capacity.