Brazil to Replace Textile Import Tariff Law

The Government of Brazil will soon replace the existing rule for levying tariff on import of textiles into the country.

Currently, Brazil imposes duty on textile imports on a price-based mechanism. This will be replaced with imposing duty on per item system, Finance Minister Guido Mantega said.

While receiving an award from the Brazilian textile industry in Sao Paulo, the Minister said the new tariff system would be implemented within a span of three months.

It would help safeguard the interests of domestic manufacturers who are facing tough times due to price dumping by overseas exporters, he added.

He informed that Brazil would soon inform the World Trade Organization (WTO) of its intention to alter its tariff regulation system, and would request it to continue with the new system for 10 years.

He added that such a measure is necessary to protect Brazil's industries from the impact of weak dollar and international competition.