Dubai Customs has announced 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.

This is in line with the free trade agreement signed by governments of the GCC member states and Singapore on December 15, 2008, and which was ratified by the UAE in the Federal Decree No. (115) of 2009.

Ahmed Mahboob Musabih, the 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."

"With this deal, Singaporean products are exempted of customs duties at all sea, air and land ports in Dubai," he added.

Ahmed Mahboob Musabih said: “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 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.”

According to him, Dubai’s trade with Singapore surged to Dh9.2 billion ($2.5 billion) in the first nine months of 2014 (from January to September).

Of this, Dh5.2 billion ($1.4 billion) was for imports and Dh1.15 billion ($313 million) for exports, while the re-exports trade soared to Dh2.86 billion ($778 million).

"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," he added.-TradeArabia News Service