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Turkey removes duty on Egyptian cotton yarn import
31 Oct '11
1 min read
The Government of Turkey has announced removal of duty on cotton yarn import from Egypt, Mahmoud Issa, Egypt's Minister for Industry and Foreign Trade, has said.
With Turkey deciding to exempt Egypt from duties levied on cotton yarn imports, which were levied as a protectionist measure, the total cost of manufacturing would come down for the Turkish buyers, Mr. Issa said.
The Minister added that the decision is a part of wider cooperation between the two countries that includes giving a preferential status to Egyptian goods imported by Turkey.
The import duty on Egyptian cotton yarn hindered exports prospects in Turkey and the removal of tariffs is likely to increase Egypt's cotton yarn exports to Turkey.
Turkey has granted a three percent quota for Egypt in its total cotton yarn imports.
With Turkey deciding to exempt Egypt from duties levied on cotton yarn imports, which were levied as a protectionist measure, the total cost of manufacturing would come down for the Turkish buyers, Mr. Issa said.
The Minister added that the decision is a part of wider cooperation between the two countries that includes giving a preferential status to Egyptian goods imported by Turkey.
The import duty on Egyptian cotton yarn hindered exports prospects in Turkey and the removal of tariffs is likely to increase Egypt's cotton yarn exports to Turkey.
Turkey has granted a three percent quota for Egypt in its total cotton yarn imports.
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