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Brazil to decide steps against US on cotton next month
05 Oct '13
1 min read
Brazil’s Council of Ministers of Foreign Trade Chamber (CAMEX), chaired by the Minister of Development, Industry and Foreign Trade (MDIC), Fernando Pimentel, has decided to instruct the technical group of retaliation - created by former CAMEX Resolution - to meet until the 30th of November, 2013, to assess whether any measures are to be taken in foreign trade with the US, if necessary, in the context of the country failing to fully deposit its last installment related to the cotton sector.
The decision was taken due to the fact that the United States has stopped the payment that had been made to the Brazilian Cotton Institute since 2010, as part of the temporary agreement with Brazil made in lieu of Brazil’s suspension of retaliation authorized by the World Trade Organization (WTO), according to a MDIC press release.
In 2010, Brazil won authorization from the WTO to receive US$ 831 million per year, with US$ 591 million in products and about US$ 240 million in intellectual property. But, the two nations agreed to payment of US$ 147 million per year by the US, divided into several installments, and given to Brazilian cotton producers, among others.
Fibre2fashion News Desk - India
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