“The agreement between the United States and China to expand the scope of the Information Technology Agreement represents a major breakthrough in the global trade agenda. This agreement is expected to eliminate duties on over 200 information and communications technology (ICT) product categories, representing approximately $1 trillion in annual global ICT sales. Now that the U.S. and China have reached agreement, we hope negotiators will resume talks early next month at the World Trade Organization in Geneva to expand the bilateral agreement to include more nations. In doing so, this will help expand access to affordable technology, which will help improve standards of living and economic development around the world.”
Trade (also known as “commerce,” “financial transaction,” and “barter,” among other terms) involves the transfer of ownership for goods and services from one person or entity to another by receiving something in exchange from the buyer. A network that allows trade is called a market.
Trade originated with the start of communication in prehistoric times. Trading was the main facility of prehistoric people, who bartered goods and services long before the introduction of modern-day currency. Peter Watson traces the history of long-distance commerce to 150,000 years ago (source: The Mediterranean in History, David Abulafia, Getty Publications, 2011).
Practices in modern cross-boundary/country trade have remained relatively static for the past 150 years. The only widespread implementation of technology to facilitate trade has been the advent of phone, fax, and (since 2002) EDI – Electronic Data Interchange (source: “Integration of Electronic Data Interchange (EDI): A Review,” Gengeswari, K. and Abu Bakar Abdul Hamid). More recently, widespread use of email has augmented phone- and fax-based communications.