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Dubai Seeks To Facilitate Trade

by Lorys Charalambous,, Cyprus

14 June 2016

The Dubai Chamber of Commerce and Industry and Dubai Customs have developed a new risk-based platform for expediting trade for trustworthy companies.

The two have established a joint project team to assess and organize Certificates of Origin (COOs) issued by the Chamber through a system to clear risk-free transactions.

Earlier this year Dubai Chamber and Dubai Customs signed a Memorandum of Understanding (MoU) for the implementation of this project, to bolster the business environment.

Hamad Buamim, the President and CEO of the Dubai Chamber, said: "Dubai Chamber is starting to implement the system which will create a notable impact, by mitigating the risks of COOs, expediting transactions, reducing risks in business processes, reducing cost and creating a better customer experience in line with the directives of our Government to apply innovative methods to achieve customer happiness."

"We have witnessed a two percent growth in the number of Certificates of Origin issued in the first four months of this year totaling about 313,000 COOs, while we also succeeded in reducing the customers' visits by 30 percent during the same period, which shows that our partnership with Dubai Customs is headed in the right direction."

TAGS: environment | business | trade | Dubai

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