Explanation:

Entered into force in 1997, it is being expanded ever since and is often seen in news. The agreement was expanded in 2015. Since 1997 a formal Committee under the WTO watches over the following of the Declaration and its Implementations. The aim of the treaty is to lower all taxes and tariffs on information technology products by signatories to zero. According to a 2017 study in the World Trade Review, the 2015 ITA expansion is "the most successful attempt at trade liberalization under the auspices of the WTO since its inception in 1995." For e.g. India’s plans to impose import duties on mobile phones under the Goods and Services Tax (GST) regime created a flutter among manufacturing countries, including Japan, Korea, the US and the EU, at the WTO and led to protests. The EU said India was bound by a commitment of zero per cent duty under the ITA (part of General Agreement on Tariffs & Trade), and its argument that mobile phones can be considered as “new products” not covered by the pact was invalid. However, India stressed that IT and telecom technologies have evolved with new applications and equipment that did not exist, and had not even been conceived, at the time of signing the ITA. Therefore, the new products cannot be considered as falling under the scope of the agreement as they did not exist at the time of granting concessions