Egypt withdraws 25 percent import fee on cotton yarnApril 23rd, 2009 - 8:08 pm ICT by IANS
New Delhi, April 23 (IANS) Egypt has withdrawn, with effect from April 8, a temporary import fee it imposed on cotton yarn and textiles in a move that would benefit India, one of the leading producers of cotton yarn.
Egypt in January 2009 imposed a fee of 25 percent on CIF value (cost, insurance and freight) on cotton yarn and textiles for a period of one year.
This was in addition to 5 percent import duty on cotton and mixed yarn and 10 percent import duty on cotton and mixed woven fabrics.
A government statement issued here Thursday said India had taken up the additional import fee issue with the Egyptian authorities soon after they imposed it.
The fee exceeded the bound rates notified to the World Trade Organization (WTO), it added.
Egypt is the largest importer of Indian cotton yarn.
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