Member countries of the World Trade Organization (WTO) have decided to remove tariffs on information technology products such as computers and semiconductors.

Citing U.S. Trade Representative officials, the Associated Press and other news agencies reported Friday that WTO member states have concluded the Information Technology Agreement (ITA) that calls for removing tariffs on IT goods.

Under the agreement, some 200 IT products including computers, chips and video-game consoles will be traded tariff-free between WTO member nations.

The annual global trade volume of the 200 items amount to one trillion U.S. dollars.