Thursday , December 3 2020

Dubai, Switzerland discuss ways to expand trade ties

DUBAi / WAM

Ahmed Mahboob Musabih, Director-General of Dubai Customs, held a videoconference with a Swiss delegation, headed by Frank Eggmann, Swiss Consul General to Dubai, to discuss expanding mutual economic cooperation and trade between Dubai and Switzerland.
The two sides discussed the stimulus packages launched by the Federal government and Dubai government to support the business activity and to reduce the impact of the pandemic. They also talked about the measures taken by Dubai Customs to back the global supply chain, along with supporting business and trade groups in Dubai.
More than 30 representatives of Swiss companies were present during meeting, which was also attended by Dubai Customs executive directors and heads of departments.
In his speech, Musabih highlighted the solid relationships between Switzerland and the UAE in all fields, including trade, especially after the signing of the free trade agreement between the GCC countries and the European Free Trade Association.
Musabih said the meeting was coordinated through the Ertebaat initiative, which Dubai Customs launched to expand ties with foreign diplomatic missions and businesses.
“Ertebaat is a transparent and solid platform that enable us to foster our relationships with foreign business sectors and provide them with the best services and facilities. The UAE has been ranked first in the Arab world in the post-COVID economic recovery index, and this reflects how dynamic and resilient our national economy is,” said Musabih.
Musabih added that Dubai Customs extended a refund of 20 per cent on the customs fees imposed on imported products sold locally in Dubai markets, in response to the stimulus package launched by Dubai Government to support companies and the business sector in Dubai. The package seeks to enhance liquidity and reduce the impact of the current global economic situation.
The package also includes the cancellation of the Dhs50,000 bank guarantees or cash required to undertake customs clearance activity. Bank guarantees or cash paid by existing customs clearance companies will be refunded.
The stimulus package also includes cancellation of bank guarantees required to be submitted before resolution of customs-related grievances, cancellation of 25 percent down payments required for requesting instalment-based payment of government fees for obtaining and renewing licences, and reducing customs fines by 80 percent.
The meeting additionally focused on Cross Border e-Commerce. The innovative platform utilises block chain technology to integrate and automate operations between Customs, Free Zones, logistics, and courier companies. It is the first of its kind in the region, and it aims to help the emirate become a global hub for e-commerce, and encourage e-commerce companies to operate from Dubai. Online sales in the UAE are expected to grow 23 percent to reach AED100 billion.

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