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| Peru drops safeguard duty on cotton |
| Press Trust of India / Mumbai Aug 25, 2009, 00:43 IST |
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With no additional duty to be paid, Indian cotton yarn exporters can now heave a sigh of relief, as the South American country Peru has decided to drop duty on import of cotton yarn into the country, a top industry official said.
The efforts made by the Cotton Textiles Export Promotion Council (Texprocil) and diplomacy by the Indian Embassy in Peru have led to the Peruvian authorities deciding not to impose any safeguard duty on import of cotton yarn into that country. Shipments of cotton yarn from India would now continue without any encumbrances.
Being the largest supplier of cotton yarn to Peru, with a share of over 80 per cent in total Peruvian cotton yarn imports, Indian cotton yarn exports would have been severely impacted in case the safeguard duties were imposed, Texprocil’s Chairman, V S Velayutham, said in a statement here.
Velayutham hoped that with no additional duty to be paid, Indian cotton yarn exporters can now heave a sigh of relief.
Exports of cotton yarn from India reached a level of $94.45 million during 2008, recording an impressive growth of 73.62 per cent. On account of the safeguard investigations, imports of cotton yarn from India during January-June 2009 recorded a sharp decline, reaching a level of $24.79 million.
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