China and the U.S. have come into terms and agreed to scrap tariffs in high-tech gadgets and electronic products traded globally.

This agreement is expected to benefit the U.S. as it could bolster the country's employment by creating up to 60,000 new American jobs.

In addition, the agreement is expected to cover 200 product lines, ranging from printer cartridges and semiconductors to video game consoles and magnetic resonance imaging machines, USA Today reports.

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The agreement was reached at the Asia Pacific Economic Cooperation (APEC) summit in Beijing, although this is still pending approval by the World Trade Organization.

U.S. President Barack Obama sees the pact as something that "will contribute to a rapid conclusion of the broader negotiations in Geneva."

If the WTO approves the agreement, tariffs imposed on high-tech products traded among 54 countries including United States and China.

This is also seen as another development in the U.S.-Chinese trade relations, already strained by tensions, most recently by issues on cybertheft and human rights.

U.S. officials have collaborated with the international community to widen the coverage of the WTO's Information Technology Agreement although the discussions almost proved fruitless after China insisted on limiting the products to be included on the list.

The deal is expected to contribute $190 billion to the global economic output, the Office of the U.S. Trade Representative predicted.

The U.S. is more likely to be the biggest winner of this agreement, given that is is selling beneficiary of the agreement because it exports IT gadgets valued at $100 billion or one-tenth of the world's global IT sales.

However, China is also expected to be a huge gainer, given that it is "the biggest potential untapped market."

As China's economy is slowing down, Chinese President Xi Jinping explained that the country's economy is shifting from manufacturing and exports-dependent to more of a consumer-driven on.

Other products to benefit from this new agreement include loudspeakers, global positioning systems, video cameras, software media and high-tech medical devices.

TagsAPEC, Information Technology Agreement