– Dubai’s foreign trade with Singapore increases by 12% in the first half of 2021 to reach AED 6.8 billion
Dubai Customs hosted a virtual meeting with a Singaporean trade delegation visiting Dubai to discuss ways to improve economic cooperation and trade between Dubai and Singapore. HE Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation, Director General of Dubai Customs; and HE Pit Chen Low, Consul General of Singapore in Dubai, respectively chaired the two sides at the meeting.
The meeting was part of Dubai Customs’ Ertibat initiative, which aims to develop links with foreign companies and enterprises. The two sides discussed ways to expand the collaboration between Dubai and Singapore and the opportunities arising from EXPO2020 Dubai.
Dubai’s foreign trade with Singapore grew by 12% in the first half of 2021 to reach AED 6.8 billion, compared to AED 5.4 billion in the corresponding period in 2020. Direct trade reached AED 4. AED 5 billion, while the free zone trade totaled AED 2.1 billion, and customs warehouse trade reached AED 8.37 million. The main products traded included gold, jewelry, diamonds, precious metals and perfumes.
“Dubai Customs has developed a range of innovative smart services as part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to consolidate the status of the United Arab Emirates and Dubai as a leading hub. for international trade, ”Musabih said at the meeting. “99.6% of our customs transactions are carried out through smart channels, which has resulted in a 98% customer satisfaction rate and more streamlined commercial and passenger traffic.
Dubai and Singapore have enjoyed strong trade relations since the signing of the Free Trade Agreement between the GCC and Singapore in 2008. During the meeting, Musabih highlighted the deep historical relationship between the UAE and Singapore.
HE Pit Chen Low, Consul General of Singapore in Dubai, said: “Singapore’s relations with the United Arab Emirates and Dubai are strong and historic. Dubai is an important economic and strategic partner and we look forward to more mutual investment and business activities. We have a lot in common as hubs in our respective regions, and Dubai remains the preferred location for Singaporean businesses in the Middle East region. ”
The meeting saw a presentation on the cross-border e-commerce platform developed by Dubai Customs and based on blockchain technology to integrate and automate operations between customs, free zones, logistics and courier companies. The platform, the first of its kind in the region, aims to help the emirate strengthen its position as a global e-commerce hub and encourage e-commerce businesses to locate in Dubai. Dubai Customs IPR Department made a presentation on the department’s role in raising awareness of the importance of protecting intellectual property. The presentation highlighted the efforts of Dubai Customs to resolve intellectual property disputes, register trademarks and protect the rights of trademark owners.
The value of Dubai’s total foreign trade jumped 31% to AED 722.3 billion in the first half of 2021, from AED 550.6 billion in the corresponding period last year, and also surpassed the 676 AED recorded in the first half of 2019, signaling an acceleration. recovery and growth in the post-pandemic phase.