|01-05-2015, 11:08 PM||#1|
Dubai removes customs duties on products from Singapore
Dubai Customs announced on Monday the full implementation of the GCC-Singapore Free Trade Agreement (FTA), which holds that all pre-set lists of Singaporean products that enter the GCC at pre-determined times are exempt from customs duties.
The agreement will also exempt all products of GCC origin that enter Singapore.
“This is a milestone agreement in strengthening ties and promoting trade between the GCC countries and Singapore. We in Dubai Customs are committed to enhancing bilateral trade between the UAE and Singapore through exemption of customs duties at both ends,” said Ahmed Mahboob Musabih, the director of Dubai Customs.
This comes in line with the FTA signed on December 15, 2008 by governments of Singapore and GCC member states.
Trade between Dubai and Singapore jumped to AED9.2 billion ($2.5 billion) in the first nine months of 2014.
Easier transactions between the two states are key in enhancing trade growth, which would prove highly beneficial for investors who had set up their business operations in Dubai.
The GCC is Singapore’s fifth-largest trading partner and comprises nearly 35% if Singapore’s oil imports.
The sectors that will directly benefit from the FTA include telecommunications, petrochemicals, machinery, electrical and electronic equipment, jewelry and iron and steel-related industries.
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