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Peru drops safeguard investigations on cotton yarn imports from India
24 Aug '09
2 min read
Peru drops Safeguard Investigations on Cotton yarn imports The efforts made by the Cotton Textiles Export Promotion Council (Texprocil) and the excellent diplomacy by Indian Embassy in Peru have led to the Peruvian authorities deciding not to impose any Safeguard duty on import of Cotton yarn into Peru.
The shipments of Cotton yarn from India would now continue without any incumbrances. Commenting on the development, Shri V.S. Velayutham, Chairman-Texprocil said that "Being the largest supplier of Cotton yarn to Peru with a share of over 80% in total Peruvian Cotton yarn imports, Indian Cotton yarn exports would have been severely impacted in case the safeguard duties were imposed".
Exports of Cotton yarn from India reached a level of US$ 94.45 million during 2008, recording an impressive growth of 73.62%. On account of the safeguard investigations, imports of Cotton yarn from India during Jan-June 2009 recorded a sharp decline of (-)54.25%, reaching a level of US$ 24.79 million. It may be recalled that, aggrieved by the downturn faced by some of the Cotton yarn producers in Peru represented by SNI (Sociedad Nacional de Industrias), a complaint was filed to "National Institute of Defense of Competition and Protection to the Intellectual Property" (INDECOPI) claiming that rising imports of Cotton yarn are causing threat to the domestic Cotton yarn producers in Peru and requested imposition of safeguard duties on imports of Cotton yarn from all countries, including India.
On behalf of Indian Cotton yarn industry as well as exporters of Cotton yarn to Peru, the Texprocil made itself known as an "Interested Party" in the Safeguard Investigation (initiated under the WTO Agreement on Safeguards) and participated in the proceedings.
The excellent commercial diplomacy undertaken by the Indian Embassy in Peru and the effective arguments made by the Texprocil led to the Peruvian Investigating Authority dropping the proceedings without imposing any safeguard duty. Shri Velayutham hopes that "With no additional duty to be paid, Indian Cotton yarn exporters now can have a sigh of relief" "The excellent support extended to us by the Ministry of Textiles and Ministry of Commerce enabled us to take up the cause of Indian Cotton yarn exporters before the Peruvian authorities. We are also extremely thankful to the Peruvian government in this regard", Shri Velayutham said.
The shipments of Cotton yarn from India would now continue without any incumbrances. Commenting on the development, Shri V.S. Velayutham, Chairman-Texprocil said that "Being the largest supplier of Cotton yarn to Peru with a share of over 80% in total Peruvian Cotton yarn imports, Indian Cotton yarn exports would have been severely impacted in case the safeguard duties were imposed".
Exports of Cotton yarn from India reached a level of US$ 94.45 million during 2008, recording an impressive growth of 73.62%. On account of the safeguard investigations, imports of Cotton yarn from India during Jan-June 2009 recorded a sharp decline of (-)54.25%, reaching a level of US$ 24.79 million. It may be recalled that, aggrieved by the downturn faced by some of the Cotton yarn producers in Peru represented by SNI (Sociedad Nacional de Industrias), a complaint was filed to "National Institute of Defense of Competition and Protection to the Intellectual Property" (INDECOPI) claiming that rising imports of Cotton yarn are causing threat to the domestic Cotton yarn producers in Peru and requested imposition of safeguard duties on imports of Cotton yarn from all countries, including India.
On behalf of Indian Cotton yarn industry as well as exporters of Cotton yarn to Peru, the Texprocil made itself known as an "Interested Party" in the Safeguard Investigation (initiated under the WTO Agreement on Safeguards) and participated in the proceedings.
The excellent commercial diplomacy undertaken by the Indian Embassy in Peru and the effective arguments made by the Texprocil led to the Peruvian Investigating Authority dropping the proceedings without imposing any safeguard duty. Shri Velayutham hopes that "With no additional duty to be paid, Indian Cotton yarn exporters now can have a sigh of relief" "The excellent support extended to us by the Ministry of Textiles and Ministry of Commerce enabled us to take up the cause of Indian Cotton yarn exporters before the Peruvian authorities. We are also extremely thankful to the Peruvian government in this regard", Shri Velayutham said.
Cotton Textiles Export Promotion Council
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