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Business community in Dubai get insights on FTA between the GCC and Singapore

: Sunday, June 22 - 2014 @ 15:18

Dubai Chamber of Commerce and Industry in collaboration with the Ministry of Economy organized recently at the Chamber’s headquarter a workshop on the introduction of the Free trade agreement between the GCC and Singapore.

The workshop came in line with the Ministry’s efforts to raise awareness on the trade agreements between the GCC and other countries and blocs.

It also falls under Dubai Chamber’s efforts to enhance the competitiveness of the Emirate’s business community by introducing and highlighting key trade agreements how they benefit Dubai Businesses.

In his welcome speech, Atiq Juma Nasib, Senior Director, Commercial Services Sector, Dubai Chamber informed the attendees that the agreement will strengthen the bilateral ties between UAE and Singapore and enhances the status of UAE’s business community.

“Signing this agreement is a step forward to establishing strategic trade partnerships, achieving goals and eliminating trade obstacles between UAE and Singapore,” he added.

Mr. Sultan Ahmed Darwish, Director of Trade Negotiations and WTO, Ministry of Economy, said that the FTA is a tool to open up the foreign markets in front of the national exports, and enable them to get preferential benefits, pointing out that it is the responsibility of the private sector to get the maximum out of this agreement.

Darwish added that the Ministry of Economy is committed to developing UAE’s trade with the rest of the world and supporting the national exports especially SME by helping this sector in building its capabilities and capacities to reach the global markets.

The workshop provided a general overview of the trade relations between the UAE and Singapore, an overview of preferential treatment in the provisions in the trade of good, an overview of preferential treatment in the provisions in Rules of Origin.

The list of speakers included, Mr. Sultan Ahmed Darwish, Director of Trade Negotiations and WTO, Ministry of Economy, Dr. Mutar Ahmed Al Ali, Director of Trade Analysis & Information Department, Mr. Ali Fayel, Director of the Department of Origin, Ministry of Economy and Mr. Yahya Al Dabbagh, Expert on the WTO and Free Trade Agreements, Ministry of Economy.

The workshop also provided insights into the preferential treatment in the provisions in Trade in Services and the preferential treatment in the provisions in Government Procurement.

The FTA between GCC and the Republic of Singapore became effective on the 1st of September 2013 and it is regarded as the first FTA between the GCC and a non-Arab economic partner.

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Sunday, June 22- 2014 @ 15:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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