India Challenges Turkish Cotton Yarn Duties
by Lorys Charalambous, Tax-News.com, Cyprus
16 February 2012
India has requested the commencement of negotiations with Turkey at World Trade Organization (WTO) level over import duties reintroduced by the country on the import of cotton yarn.
Turkey had previously imposed "safeguard measures" for a three-year period starting July 15, 2008. Safeguard measures are permitted under WTO rules to temporarily protect a country's local industry from a sudden import surge. Under the measures Turkey imposed import tariffs ranging from 15% to 20% on the import on cotton yarn from nations other than developing countries, but including India. The decision followed a dramatic increase in the market share in Turkey of foreign cotton yarn in the period 2004-2008.
More:India Challenges Turkish Cotton Yarn Duties
