Turkey removes import tariffs on Egyptian cotton yarn

The Turkish government decided to exempt Egyptian cotton yarn from import fees, according to a statement released by Egypt's Ministry of Industry and Foreign Trade on Thursday.

Egyptian cotton yarn exports to Turkey will not undergo the precautionary measures set by Turkish regulations, bringing down the total cost of the product for the Turkish buyer. Mahmoud Issa, Egypt's minister of industry and foreign trade, said that the decision comes as part of moves for greater cooperation between the two countries that will also see Egyptian exports afforded preferential status in the Turkish market.

The export tariffs posed a burden on Egyptian yarn exporters and hindered prospects of further expansion in Turkey.

Egypt is granted a 3 per cent quota of Turkey's total cotton yarn imports.