Turkey withdraws safeguard duty on cotton yarn

Last Updated: Tue, Jan 08, 2013 07:10 hrs

MUMBAI, Jan 8 (Reuters) - Turkey has removed safeguard duty imposed on imports of cotton yarn from India with effect from Dec. 31, a government notification said on Tuesday.

Turkey had imposed the safeguard duty in 2008 for a period of 3 years, which was later extended for another 3 years in 2011.

Consultations were held with Turkey in March 2012 following which a memorandum of understanding was signed between India and Turkey wherein it was agreed that Turkey would remove these duties before Dec. 31, 2012, the notification had said.

"With Turkey being the gateway to Europe, removal of safeguard duties would enable India restore its exports to earlier levels and also increase its market share," the Cotton Textile Promotion Council of India said in a statement. (Reporting by Deepak Sharma; Editing by G.Ram Mohan)

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