India is to hold discussions with Turkish authorities in Geneva on April 6 in dispute of Turkey’s protectionist import duty hike on Indian cotton textiles. The World Trade Organisation (WTO) will mediate the discussions.
India’s exports to Turkey during 2007 amounted to USD239m, whilst between January and September in 2008 exports amounted to just USD112m, a figure which continues to fall during the downturn.
The duty in question was increased from 5% to 15% on all Indian cotton products including yarn. Although the April 6 meeting will only revolve around the Turkish import duties, India is also seeking discussions with Egypt regarding a similar hike to its duties - the duty in that case was doubled to 30%.
India’s largest importer of cotton textiles Bangladesh has announced that it is considering its own hike, a move which is expected to be mirrored by Peru and Brazil.
If India is not able to gain the removal of the duty through an agreement with Turkey, the case is likely to go before the WTO’s Dispute Settlement Body (DSB).
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment