Turkey removes penal duties against Indian cotton yarn
Growing protectionist actions are applied worldwide. Now discussions between Turkey and India are about to end penal duties Turkey has imposed against India on cotton yarn since July 2011 by demanding safeguard duties between 12 to 15 % over and above customs duty of 5 %
Soon a memorandum of understanding is to be signed in this respect and India will withdraw his complaint placed with WTO, the World Trade Organisation. An identical claim was placed for the same reason by the Indian Government against Egypt. Texprocil the Indian cotton industry association has collaborated closely with the Indian Government on the legal aspects of the penalty measures imposed by Turkey and Egypt.