Turkey Implements High Import Tax on Polyester Products for Three Years, Up to $0.048 per Kilogram!

On September 20, 2024, the Ministry of Trade of Turkey issued a circular on import protection measures (Circular No. 2024/9) aimed at protecting the Turkish domestic market and promoting the stable development of the country's economy.

According to the circular, the protective measures are based on the Resolution on Import Protective Measures, which took effect on May 10, 2004, and the Regulations on the Administration of Import Protective Measures, which were issued on June 8, 2004. After completing a series of in-depth investigations on protective measures, the General Bureau of Import of the Ministry of Trade has decided to impose additional financial obligations on "polyester" products under the statistical position of Customs tariff 5503.20.00.00.00.

The protection measures will be extended for three years, with specific additional financial obligations implemented in phases: the first phase (from 23 September 2024 to 22 September 2025) is US $0.048 per kilogram; The second phase (September 23, 2025 to September 22, 2026) will be reduced to US $0.044 per kg; The third period (September 23, 2026 to September 22, 2027) is further reduced to $0.040 per kg.

According to the Turkish government, this measure will be formally implemented after the relevant presidential resolution comes into force, and exemptions will be granted to developing countries. At the same time, the Turkish government will also consult with World Trade Organization (WTO) member countries if necessary to ensure that the measure complies with international trade rules.

The Turkish Trade Ministry stressed that the decision is aimed at protecting domestic industries from unfair trade competition and ensuring the sustainable development of the Turkish economy. In the context of the changing global trade situation, the Turkish government will continue to take the necessary measures to maintain the competitiveness of domestic industries and provide a strong guarantee for the stable growth of the Turkish economy.

The introduction of import protection measures marks a solid step by the Turkish government in protecting the domestic market and safeguarding national economic security. In the future, the Turkish government will continue to strengthen supervision and law enforcement to ensure the smooth implementation of various trade policies and lay a solid foundation for the prosperous development of the Turkish economy.