Hindu Business Line
NEW DELHI: India and Turkey will hold discussion in the first week of April on a dispute relating to a three-fold hike in import duty by the Turkish authorities on Indian cotton textile.
The talks, to be held in Geneva on April 6, will follow India’s r equest for mutual consultations within a framework of the World Trade Organisation (WTO). Under the WTO rules, the countries are expected to go for formal consultations for resolving a trade dispute before it is referred to the Dispute Settlement Bo dy (DSB) of the multilateral trade regulator.
Turkey, to which India’s exports were worth over $239million in calendar 2014, increased import duty on Indian cotton products, including yarn, to 15 per cent from the bound rate of about 5 per cent. Between January and September, shipments were worth $1 12 million. “Turkey has agreed to hold consultations with us under a WTO safeguard agreement,” an official said. However, India retains the option of going to the DSB if the issue is not resolved through bilateral negotiations, he said. – PTI
