12% growth in Dubai's trade with Singapore to 6.8 billion dirhams
CEO of Ports, Customs and Free Zone Corporation and Director General of Dubai Customs, Ahmed Mahboob Musabih, confirmed that the bilateral relations between the UAE and Singapore are witnessing continuous positive development, and that the free trade agreement between the Gulf Cooperation Council countries and Singapore, which was signed in 2008, is the first trade agreement It is a basis for strengthening ties between the GCC countries and Singapore. The agreement covers several aspects related to trade in goods, rules of origin, customs procedures, services trade and government procurement.
This came during a meeting organized remotely via visual communication technology between the Dubai Customs Department and a Singaporean economic and investment delegation headed by the Consul General of Singapore in Dubai, Lou Pete Chen, as part of the "Etitibat" initiative launched by the Department to develop its relations with companies and foreign business sectors. The meeting discussed enhancing joint cooperation and increasing the volume of trade exchange between the two sides, as well as the hosting of the global event "Expo 2020 Dubai" and its importance in promoting comprehensive and sustainable development opportunities globally, and providing a platform for the convergence of different cultures and civilizations, through the participation of 192 countries within the largest session in the history of ancient exhibition.
Dubai Customs explained that the value of Dubai's foreign trade with Singapore grew by 12% to reach 6.8 billion dirhams in the first half of this year, compared to 5.4 billion dirhams for the same period last year, and the share of direct trade amounted to 4.5 billion dirhams, and 2 .1 billion dirhams of free zone trade, and 8.37 million dirhams of customs warehouse trade. Among the most popular commodities traded between the two sides are gold, jewelry, diamonds, precious metals, perfumes and chemicals.
Musabeh said: "(Dubai Customs) provides pioneering smart services and employs innovation in the customs sector to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to consolidate Dubai's position as a major center for global trade." He indicated that 99.6% of customs transactions are completed through the department's smart and electronic systems, while the department has strengthened its efforts to accelerate the movement of passengers, especially with the launch of "Expo 2020 Dubai", by developing and improving the smart early disclosure system, and the percentage of customers' happiness and satisfaction with the services of "Customs" Smart Dubai is about 98%.
He added, "Dubai's trade statistics during the first half of this year show that Dubai's economy has entered a new phase of strong growth, with a record growth of 31% to 722.3 billion dirhams, compared to 550.6 billion dirhams for the same period in 2020, also exceeding the results of the first half of 2019. Which recorded 676 billion dirhams.
For his part, Chen stressed that the close relationship between the UAE and Singapore is witnessing a remarkable development, and that there are investment opportunities and broad prospects awaiting the two friendly countries, noting that trade exchanges between the two sides are encouraging and positive.
He said: "We view Dubai as an important commercial and economic partner for Singapore, and we share many aspects with it. Dubai is one of the preferred cities for Singaporean investments, especially in the fields of energy, hospitality and other promising economic sectors. We look forward positively to these opportunities and encourage Singaporean companies to invest in Dubai.
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