The Motion Picture Assn. of America, an advocacy group for the the film industry, is welcoming a U.S.-China deal to eliminate tariffs on tech products to boost trade.
Chris Dodd, the association's chairman and chief executive, said Tuesday the agreement "will encourage the growth of the U.S. and global motion picture industries" by eliminating tariffs that can reach 30%. Products affected by the discussions include equipment and devices used by filmmakers and movies theaters.
The U.S. and China agreed late Monday to expand the global trade pact, the Information Technology Agreement, or ITA, that covers 70 countries.
China is the world's largest importer of technology products, and disagreements between the two countries had stalled efforts to expand the trade deal's scope. President Obama unveiled the new agreement Tuesday morning.
The new deal, which affects items such as calulators, semiconductors and cash registers, is expected to increase global gross domestic product by $190 billion a year, according to the White House.
"We encourage all ITA participants to seize the momentum created by this agreement to resume and rapidly conclude the negotiations," Dodd said.