In a move meant to cut the cost of IT and consumer electronics products, the World Trade Organization is ending tariffs on imports including game consoles, TVs, GPS receivers and advanced chips from July 2016.

The tariffs — in some countries as high as 35 percent on products such as video cameras — will be phased out over seven years under an agreement finalized Wednesday, and applies to all 192 member countries of the WTO.

The vast majority of the savings will take effect next July, when tariffs are abolished on around 130 categories of IT equipment, accounting for 88 percent of affected imports, WTO Director-General Roberto Azevêdo said Wednesday.

By 2019, 95 percent of imports affected by the changes will be tariff-free, with all 201 product categories covered by the agreement being exempted within seven years, Azevêdo said.

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