A growth that includes all components of trade

Dubai Customs: 2022 indicators give rise to optimism in the economic sectors

The advisory board of "Dubai Customs" held a remote meeting.

From the source

The Advisory Council of the Dubai Customs Department held its meeting in an atmosphere of optimism regarding the growth indicators of the various economic sectors in the UAE.

The meeting, which was held via visual communication technology, discussed the prospects for trade recovery and the multiple economic benefits that the historic agreement of the comprehensive economic partnership between the UAE and India will provide, as trade between the two countries will double by 120% to $100 billion within five years, compared to $45 billion currently.

The Director General of "Dubai Customs", CEO of Ports, Customs and Free Zone Corporation and Chairman of the Advisory Board, Ahmed Mahboob Musabih, stressed that the indicators of 2022 give rise to optimism in all economic sectors, noting that the UAE played a decisive role in containing the "Corona" pandemic. and the consequences it has had.

He added: "The UAE has succeeded in facing challenges and turning them into real opportunities to support economic growth, as the World Bank report stated that the economic recovery in the UAE will continue during 2022, and that growth will reach 4.7%, driven by the oil and non-oil sectors, and the value of foreign trade was recorded in In 2021, about 1.9 trillion dirhams, achieving a growth of 27% compared to 2020, and an increase of 11% compared to 2019.”

Mosbeh stressed that the growth included all components of trade, including export, import, and re-export, expecting the commercial sector to continue growing during the current year.

He pointed out that the comprehensive economic partnership agreement between the UAE and India helps reduce tariffs and facilitate trade between the two countries.

For his part, the Chairman of the Indian Professional Business Council, Suresh Kumar, stressed the role of the Comprehensive Economic Partnership Agreement during the next stage in terms of developing trade exchange, as it includes many strategic aspects.

He pointed out that the UAE's investments in India amount to $67 billion, and India's investments in the UAE are $18 billion.

The meeting also dealt with a presentation from the Dubai Gold and Jewelery Group and the Group of Steel Producers.

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