BEIJING: The United States and China have "reached an understanding" on an agreement to reduce tariffs on information technology trade, the White House said in a statement Tuesday.
Washington hoped the move would "contribute to a rapid conclusion" of negotiations in Geneva on the World Trade Organization's first major tariff-cutting deal in 17 years, President Barack Obama told leaders gathered for an Asia-Pacific summit in Beijing, the statement said.
The Information Technology Agreement (ITA) took effect in 1997, but talks at expanding its scope had been suspended since November last year amid differences between Washington and Beijing, according to the White House.
It said a US-China agreement was seen as a necessary step.
"It was APEC's work that led to the Information Technology Agreement, which we are now negotiating to expand," Obama told fellow leaders at the annual summit of the Asia-Pacific Economic Cooperation forum in Beijing.
"So, it is fitting that we are here with our APEC colleagues to share the news that the United States and China have reached an understanding that we hope will contribute to a rapid conclusion of the broader negotiations in Geneva," he said, according to the White House.
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