WTO Extends Customs Duties Moratorium for Another Two Years
In a last minute breakthrough, the World Trade Organization (WTO) has tentatively agreed tonight, 1 March 2024, the extension of the moratorium on customs duties for another two years. This decision, reached at the 13th WTO Ministerial Conference in Abu Dhabi, means that all WTO members will refrain from imposing tariffs on electronic transmission until at least early 2026.
The extension of the customs duties moratorium comes as a relief to businesses worldwide. By maintaining the status quo of duty-free digital trade, the WTO has paved the way for continued innovation, entrepreneurship, and accessibility in the digital sphere. This extension not only bolsters e-commerce but also encourages inclusivity, allowing small and medium enterprises (SMEs) to thrive in the global marketplace.
Having attended the 13th WTO Ministerial Conference in Abu Dhabi, Sabina Ciofu, techUK Associate Director for International Trade, said:
"We welcome the extension of the WTO moratorium on customs duties for electronic transmissions. This decision reaffirms the commitment of the WTO to fostering an open and interconnected digital landscape. The extension promotes innovation, facilitates digital trade, and stimulates economic growth, allowing SMEs access to global markets and providing consumers with a wide choice of innovative products and services. As we embrace this hard-won milestone, we’ll continue to work with WTO members and industry organizations from around the world towards a permanent moratorium for a more prosperous and interconnected world, where barriers to trade are minimized and opportunities for innovation are maximized.”
Further analysis on the outcomes of MC13 the implications for the sector will be published in due time. For more information about our trade policy work, techUK members can reach out to [email protected].