Dubai Customs implements new policies to boost foreign trade

Move comes after UAE signs comprehensive economic partnership agreements with countries including India, Israel, Indonesia and Turkey

Dubai is aiming to double its foreign trade from Dh14.2 trillion to Dh25.6 trillion in the next decade. Photo: DP World

Dubai Customs has implemented a series of new policies designed to boost the UAE's foreign trade after the country signed several comprehensive economic partnership agreements with global and regional partners.

The policies, which are part of the Cepa deals, define the scope, obligations, rules of origin, preferential treatment and general provisions related to goods trade, Dubai Customs said on Sunday.

Specialised customs centres and departments are responsible for enforcing these policies, ensuring adherence to the terms and provisions of the agreements, it said.

“Dubai Customs is actively engaged in providing a wide range of commercial and customs services to traders and investors from countries that have established comprehensive economic partnership agreements with the UAE,” it added.

The UAE has signed a series of Cepa deals with countries including India, Israel, Indonesia and Turkey.

The benefits of these agreements include enhanced market access, lower or eliminated tariff rules, simpler customs procedures, clear and transparent rules, and rule-based competition.

The UAE, which aims to boost trade and economic relations with countries around the globe, is working towards signing 26 Cepas as it seeks to attract more investment and diversify its economy.

Bilateral non-oil trade between the UAE and India reached $50.5 billion, a 5.8 per cent annual increase, in the first 12 months after the two countries signed their Cepa deal.

As part of the Dubai Economic Agenda (D33), the emirate plans to become among the top three cities by economic strength by 2033 and within the top four global financial centres.

One of its goals under the D33 is to boost its foreign trade from Dh14.2 trillion to Dh25.6 trillion for goods and services in the next decade.

Business activity in Dubai's non-oil private sector economy continued to improve at a “robust pace” in May, boosted by stronger output and employment.

The emirate's seasonally adjusted S&P Global purchasing managers' index reading softened slightly to 55.3 in May, from 56.4 in April, but remained well above the neutral 50-mark which separates expansion from contraction.