China passes bill to slash customs duties on 201 IT products

September 2, 2016 10:25 PM EDT

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By Alexandra Harney

SHANGHAI (Reuters) - China will gradually eliminate customs duties for 201 information technology products covered by a $1.3 trillion World Trade Organization (WTO) deal under a bill passed on Saturday by its legislature, state news agency Xinhua reported.

The bill, approved by the Standing Committee of the National People's Congress, ratifies an amendment to a tariff concession schedule of China's WTO accession protocol.

The ratification is part of the first global tariff-cutting deal in 18 years. The WTO finalized the list of 201 IT products to be freed from import tariffs in July 2015.

(Reporting By Alexandra Harney; Editing by Robert Birsel)

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