Immediately on receipt of this information, Government of India challenged the preventive fee imposed by Arab Republic of Egypt since Egypt has exceeded the bound rates notified to the World Trade Organization (WTO). Towards this end, Ministry of Commerce India took up the matter with Egyptian authorities on imposition of this fee amounting to 25% on CIF value of the goods which was in addition to 5% import duty on cotton and mixed yarn and 10% import duty on cotton and mixed woven fabrics…Indian Cotton yarn exports to Egypt are a very significant component and rank 1st in Egypt’s import of that commodity, besides being India’s top exports to Egypt. A ‘fee’ of 25% of CIF value over and above all other taxes and duties imposed by Egypt would have adversely affected our textile export sector which is already plagued by the economic meltdown……
Date:4/23/2009
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