Surge ready to take a boost following discussions to explore new mutually beneficial opportunities
Bilateral trade between Dubai and France, which reached 8.5 billion dirhams in the first half of 2021, is expected to further accelerate following discussions between the two sides to explore new mutually beneficial opportunities.
Sultan bin Sulayem, Chairman and CEO of DP World Group and Chairman of Ports, Customs and Free Zone Corporation, said Dubai’s foreign trade growth momentum is accelerating, driven by a number of factors including capacity exceptional results of the emirate, its dynamism and agility in managing the pandemic.
Speaking at an event hosted by Dubai Customs, a virtual Ertibat meeting with a visiting French diplomatic and trade delegation, he said tourism and exhibition activity was returning to normal in the emirate, with Expo 2020 just around the corner.
“Dubai has been largely successful in mitigating the economic impact of the spread of the pandemic. DP World and its terminals around the world are working very well, ”Sulayem said.
The meeting discussed a number of topics, including ways to enhance cooperation and facilities offered to foreign companies. Ahmed Mahboob Musabih, Executive Chairman of Ports, Customs and Free Zone Corporation, Managing Director of Dubai Customs; and Xavier Chatel, Ambassador of France to the United Arab Emirates attended the meeting as well as a number of executive directors and heads of Dubai Customs departments and representatives of French companies.
“Meetings like these help us develop our economic relations with friendly states. We are committed to facilitating as much as possible the trade and investment activities of France in accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai to make Dubai the world leader in the global economy. hub, ”Sulayem said.
Ahmed Mahboob Musabih welcomed the French delegation and reaffirmed the commitment of Dubai Customs to develop cooperation with diplomatic missions and French companies within the framework of the coherent and fruitful partnership between the United Arab Emirates and France.
“Our business sector experienced tremendous growth in the first quarter of this year despite the many challenges posed by the global pandemic. Dubai’s non-oil foreign trade increased 10% to Dh 354.4 billion, from Dh 323 billion in the first quarter of 2020. Customs transactions climbed 53.4% to 11.2 million in the first half of 2020. this year, up from 7.3 million in the corresponding period in 2020, ”Musabih said.
Dubai recorded a total trade of 14.9 billion Dh with France in 2020. In the first half of 2021, trade between the two parties reached 8.5 billion Dh. The main commodities included jewelry, perfumes, medical products, textiles and leather.
Xavier Chatel, French Ambassador to the United Arab Emirates, said the United Arab Emirates has demonstrated exceptional capabilities in managing the Covid-19 crisis, proving its competence to adapt to changes and overcome challenges.
“The United Arab Emirates is our preferred choice for investment and trade. This is the message that I always send to French officials. Dubai is the perfect link between west and east thanks to its strategic location and advanced infrastructure, ”Chatel said.
Eman Badr Al Suwaidi, Director of the Customs Valuation Department, which is in charge of the implementation of the Authorized Economic Operator (AEO) program, said that the AEO program applies advanced procedures in line with WTO requirements . “The AEO program will help member companies gain better access to global markets,” said Al Suwaidi.
“Currently 85 companies have signed up for the program and so far we have signed mutual recognition agreements with South Korea, China and Saudi Arabia. “
Dubai Customs made a presentation on their cross-border e-commerce platform during the meeting. The innovative platform, developed by Dubai Customs, uses blockchain technology to integrate and automate operations between customs, free zones, logistics and courier companies.
The first of its kind in the region, the initiative aims to help the emirate become a global e-commerce hub and encourage e-commerce businesses to locate in Dubai. Online commerce in the United Arab Emirates is expected to reach $ 27 billion in 2022, a growth of 23%. [email protected]