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Turkey scraps duty on Egyptian cotton yarn
11
Jan '13
Cotton yarn exports from Egypt will now be able to enter duty-free into the Turkish Market, as the Government of Turkey has removed protective tariffs on cotton yarn imports from Egypt and other countries, effective from January 2013.
 
Turkey’s decision provides a big opportunity to boost Egypt’s cotton yarn exports to Turkey, Egyptian Minister of Industry and Foreign Trade Hatem Saleh said.
 
The Minister said the removal of tariffs effectively means the end of quota system that regulated Egyptian cotton yarn exports to Turkey in the past, Ahram Online reported.
 
Exports of thin yarn, of 50 to 140 count, from Egypt to Turkey would especially get a boost, while exports of thicker yarn, with count less than 40, would have to face competition from India and Pakistan, where yarn prices are lower due to a recent dip in cotton prices in those countries, the Minister said.
 
An existing free trade agreement (FTA) between Egypt and Turkey exempts Egyptian cotton yarn exports from customs duty, which is an advantage to Egypt compared to other Asian countries.
 
In addition, the lower costs of transportation will also serve as an advantage for Egyptian exports to Turkey, when compared to other countries that compete for a share in Turkish market.
 
The Minister asked the Textile Export Council to take all necessary steps to ensure that Egyptian cotton yarn exporting companies increase their efforts to grab a bigger share in Turkish market.
 
From 2007 to 2011, Egypt exported 7,790 tons of cotton yarn worth US$ 66.2 million to Turkey. Over half of these exports received tariff exemption under the quota system, while the remaining exports were subject to protective tariffs, which are now removed.
 

Fibre2fashion News Desk - India

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