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.
Effective on 1 January 2015, Dubai Customs eliminates customs duties applicable to the pre-set Singaporean products. The Agreement was signed by governments of the GCC member states and Singapore on 15 December 2008, and was ratified by the UAE in the Federal Decree No. (115) of 2009.
His Excellency Ahmed Mahboob Musabih, Director of Dubai Customs, said “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. Starting 1 January 2015, Singaporean products are exempted of customs duties at all sea, air and land ports in Dubai.”
H.E. Ahmed Mahboob Musabih added, “We in Dubai Customs are always keen to enforce all trade and customs agreements between the GCC and other nations and economic powers around the world, in the light of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s directives to be proactive in executing signed trade and customs agreements; in order to reinforce Dubai’s position as a regional and international hub of trade.”
He also added, “Dubai’s trade with Singapore mounted up to Dhs9.2 billion in the first nine months of 2014 (from January to September), divided to Dhs5.2 billion in imports and Dhs1.15 billion in exports and Dhs2.86 billion in re-exports. Dubai Customs’ services and facilitated transactions are a crucial factor in leveraging trade growth with Singapore, which reflects upon increasing the returns of investors and traders who choose Dubai to be their business operations platform.”