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Egypt pulls back precautionary fee levied on cotton yarn
10
Aug '10
In January 2009, the Arab Republic of Egypt imposed a temporary precautionary fee of 25 percent of CIF value on cotton yarn, fabric and sugar imports.

The minimum fee was $0.5 on every kilogram of cotton textile and $1 for every kilogram of processed sugar. This fee was imposed as a temporary precautionary step on January 16, 2009, for a one year time period by decrees Nos. 19, 20 and 21 of the Minister of Trade and Industry of the Arab Republic of Egypt.

Immediately on receipt of this information, Government of India opposed the preventive fee levied by Arab Republic of Egypt, as Egypt had surpassed the bound rates, which were laid down by the World Trade Organisation (WTO).

Later, Indian Ministry of Commerce took up the matter with the Egyptian officials on imposition of this fee summing to 25 percent on CIF value of the products, which was levied in addition to the 5 percent import duty on cotton and mixed yarn and 10 percent import duty on cotton and mixed woven fabrics.

Apart from being India's top importer, exports of Indian cotton yarn to Egypt is ranked as a very important part and is number one in Egypt's list of commodities that are imported. A fee of 25 percent of CIF value, over other taxes and duties, which were levied by Egypt, would adversely effect on the Indian textile export sector, which was already crippled by the world economic downturn.

Hence, owing to continuous efforts made by the Indian Department of Commerce, Ministry of Textiles and other export promotion bodies, Arab Republic of Egypt withdrew the aforesaid fee with effect from April 8, 2009. India thereafter, thanked Egypt for their prompt action.

Fibre2Fashion News Desk - India


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