Dubai Customs, Indian companies explore ways to promote trade
Dubai Customs' Director Ahmed Mahboob Musabih and Indian Consul-General in Dubai Vipul have explored ways of enhancing trade with India and tackling any challenges that may face the companies of both countries.
This was discussed during the visit of a delegation headed by Vipul and included a number of businessmen, and representatives of Dubai-based Indian companies. The move is part of Dubai Customs 'Ertebaat' Programme.
At the meeting, Musabih highlighted the role Dubai Customs plays to develop and promote relationships with foreign business councils in support of Dubai’s economy. He pointed out there are 4,500 Indian companies operating successfully in the UAE and hoped 2019 will see the signing of a mutual Authorised Economic Operator, AEO, recognition agreement between the UAE and India.
The Dubai Customs AEO programme, which now serves 40 companies, facilitates business and covers both security and compliance. The number of these companies is expected to rise, especially with plans to host the 5th WCO Global AEO Conference in 2020, which will be in conjunction with Expo 2020 Dubai.
"Dubai offers investors and businesses working from Dubai all what they need to succeed. This includes highly advanced customs services and products which will help towards a better achievement of Dubai Plan 2021," Musabih said.
Vipul, in turn, noted that the UAE is India’s third largest partner and expressed his aspiration that the AEO agreement between the UAE and India will enhance trade between the two countries. He pointed out the Indian business groups are active in many sectors especially in gold and jewellery, textiles and steel, and Dubai Customs support and facilitates Indian business activity by offering unparalleled services and products.
For his part, Nassim Al Mehairi, Manager of Statistics Department at Dubai Customs, briefed the visitors on the latest figures. Trade between India and Dubai reached AED86.2 billion in the first nine months of 2018; AED56.8 billion for imports, AED20.9 billion for exports, and AED8.5 billion for re-exports.
Gold and jewellery topped the list of commodities between India and Dubai at AED28 billion, followed by diamonds at AED21 billion, petroleum oils at AED6.2 billions, phones at AED1.7 billions, and rice at AED1.6 billion.