Free Trade Zones

Dubai, Singapore discuss ways to strengthen economic ties and trade


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Dubai remains preferred location for Singaporean businesses in Middle East region, envoy says
Image Credit: Provided

Dubai: Customs authorities in Dubai and Singapore held talks on strengthening economic cooperation and trade on Monday.

Gathered virtually, the two sides discussed ways to expand the collaboration between Dubai and Singapore and the opportunities arising from Expo 2020 Dubai.

Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation, Managing Director of Dubai Customs; and Pit Chen Low, Singapore’s Consul General in Dubai, respectively led the two sides at the meeting, which was part of Dubai Customs’ Ertibat initiative, which aims to develop ties with foreign companies and enterprises. .

Dubai’s foreign trade with Singapore increased by 12% in the first half of 2021 to reach Dh 6.8 billion, compared to Dh 5.4 billion during the corresponding period in 2020. Direct trade reached Dh 4.5 billion of Dh, while the trade of the free zone totaled 2.1 billion Dh, and the trade of customs warehouses reached 8.37 million dirhams. 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. “

“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, ”Singapore envoy Pit Chen Low said.

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.

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