Dubai-Singapore trade reaches AED 12.16 billion and hits 32% growth
H.E. Ahmed Mahboob, Director-General of Dubai Customs received H.E. Cheong Ming Foong, Consul General of the Republic of Singapore in Dubai in presence of Mr. Faisal Eissa Lutfi, CEO of DC World and Director of External Relations at Dubai Customs.
The meeting was a good chance for exchange of cordial discussion of possible ways to further enhance trade trends between the UAE and Singapore for mutual interests.
“Dubai’s non-oil foreign trade with Singapore witnessed a stunning hike of 32% by the end of September 2015,” said Mr Mahboob Musabih, who revealed that bilateral trade between Dubai and Singapore jumped up from AED 9.21 billion in the first nine months of 2014 to AED 12.16 billion in the same period last year. Mr Mahboob pointed out that Dubai Customs put into effect the GCC-Singapore Free Trade Agreement, which provides for the full exemption of Singaporean Customs duties for products of GCC origin and the exemption of pre-set lists of Singaporean products coming into the GCC at pre-determined times.
On his part, H.E. Cheong Ming Foong paid tributes to Dubai Customs for its role in pushing bilateral trade figures up, highlighted his deep interest and keenness to make regular visits to Dubai Customs, as this is the Consul General’s second visit to the department.
Dubai’s imports from Singapore were valued at AED 5.42 billion, followed by exports at AED 4.18 billion while re-exports represented a share of AED 2.57 billion, according to Ahmed Mahboob Musabih. “Singapore is an important gateway for Eastern markets, and we pay great attention to addressing the needs of Singaporean traders and investors, enabling them to have a real added value for their business operations in Dubai,” added Mr Mahboob.
The DC World CEO Faisal Lutfi commented, “This meeting is aimed at exploring further cooperation between the Consulate of the Republic of Singapore and DC World. Our goal from such meetings is to put forward means of enhancing Customs coordination, in the light of the GCC-Singapore Free Trade Agreement, which came into force last year.”