Turkey withdraws duty on Indian cotton yarn imports
The duty on Indian cotton yarn imports imposed by Turkey came to an end when the country decided to remove it with effect from December 31, 2012.
Turkey, which is a major cotton producer, had imposed the duty as safeguard measure in 2008 for 3 years, which was later extended for another 3 years in 2011.
But as Turkey found inconsistencies in extending the measures through a provisional duty and various other procedural and legal lapses, the country inked an MoU with India wherein it was agreed that Turkey would remove the definitive measure not later than December 31, 2012.
Categories: Business, Economy & Banking