India has initiated consultations with Turkey under the World Trade Organization’s (WTO) Safeguard Agreement, expressing concerns over Ankara’s decision to extend safeguard measures on polyester staple fibres.
In September, Turkey announced the extension of these measures, which aim to protect domestic industries from import surges. However, India, a significant exporter of textile products, including polyester staple fibres, believes that these measures could negatively impact its trade interests.
India’s official communication to the WTO emphasizes its substantial trade interest in exporting the affected products. The country has formally requested consultations with Turkey to review the information provided and discuss the implications of the extended measures. India has proposed holding these consultations virtually on October 10th or 18th, or at a mutually convenient time.
It’s important to note that consultations under the Safeguard Agreement are distinct from the WTO’s dispute settlement process. While India seeks to address its concerns through dialogue, it remains vigilant in safeguarding the interests of its textile industry.
In the fiscal year 2023-24, India’s exports to Turkey amounted to USD 6.65 billion, while imports from Turkey totalled USD 3.78 billion. The textile sector plays a crucial role in India’s economy, contributing significantly to both domestic and international trade.
