Huge Turkish textile firms have urged the government to postpone plans on imposing new requirements on their imports from China.
Sources from three firms revealed that a meeting was held last week between representatives of the textile companies and state officials to discuss the government’s plan on imposing new fees.
They said the representatives asked the officials to postpone the implementation of some procedures while amending others.
The sources added that the Turkish economy ministry stressed support for production imports from China but on the condition of bringing value added to Turkey.
Turkey’s textile sector is a pillar of its economy. Ready-to-wear clothing accounted for about 18 percent of Turkey’s $157 billion exports last year.
Cüneyt Yavuz, chief executive officer of jeans retailer Mavi, said he believed the government plan was aimed partly at tackling Turkey’s widening current account deficit, which reached $47.1 billion last year.
Turkey imported a quarter of its $10.1 billion textile imports from China in 2017, more than half of which are cotton fabrics and intermediary goods.
In another context, Economy Minister Nihat Zeybekci said that economic ties between Turkey and US can’t be underestimated, knowing that the US is the second biggest investor in the country.
The commercial partnership and relations with the US are deeply rooted regardless of temporary political disputes and customs fees on Turkish steel imports, he stated.
Zeybekci added that Turkish financial firms have the ability to confront the instability of the Turkish Lira, expressing his confidence in the currency’s ability to regain its value soon.