UAE-Saudi trade volume hits Dh178.7b in 12 years

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UAE-Saudi trade volume hits Dh178.7b in 12 years

The UAE and Saudi customs have discussed latest updates about customs issues of mutual interest between the two countries, the aspects of cooperation to facilitate customs activities in border outlets, mechanisms for facing challenges to intra-trade and electronic connection between the Ghuwaifat and Al Batha Customs authorities during their two-day meetings hosted by the Federal Customs Authority (FCA).

By (Wam)

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Published: Thu 19 Jul 2012, 11:14 PM

Last updated: Tue 7 Apr 2015, 2:38 PM

In the fourth meeting of the General Directors of the UAE and Saudi Customs Authorities, the UAE team was led by Khalid Ali Al Bustani, acting director-general of the FCA. The Saudi delegation was headed by Saleh bin M. Al Khaliwi, director-general of Saudi Customs.

Al Bustani said that the meeting comes in line with the directions of the sound leadership in the two countries on coordinating to fulfill the obligations of the GCC Customs Union and taking the procedures necessary for increasing intra-trade volumes in outlets.

“The meeting was aimed at enhancing customs cooperation between both countries, exchanging opinions and information about common trade issues and developing the mechanisms required for overcoming possible hurdles to the transfer of goods through the agreed-upon communication channels to meet citizen ambitions in the UAE and Saudi Arabia,” he added.

The meeting was a good opportunity to promote customs cooperation, thanks to customs authorities’ strategic role in achieving target economic growth rates in both countries amid a great mutual desire for boosting cooperation in customs issues.

Al Bustani noted that the meeting is the fourth between both countries’ officials. During the third meeting which was held in Abu Dhabi, the participants agreed on forming a bilateral customs team to follow up and handle trade issues. The team was agreed to meet on a quarterly basis.

Saudi Arabia is the UAE’s first partner in the GCC region. Based on the UAE’s non-oil trade statistics, the kingdom is one of the major trade partners in the Middle East, while the UAE is deemed the kingdom’s main trade gate.

From 1999 to 2011-end, Saudi Arabia maintained its position on top of trade partners in the GCC region, dominating more than 42 per cent of the UAE’s non-oil trade, Al Bustani said.

“The FCA’s statistics report shows that intra-trade volume between the UAE and KSA stood at approximately Dh178.7 billion from 1999-2011. Saudi imports reached nearly Dh113.8 billion, while the UAE exports and re-exports came at Dh22.1 billion and Dh42.8 billion, respectively.”

“Coordination with the Saudi Customs Authority springs from FCA’s strategic objectives, namely protecting the security of society and to facilitate trade and enhance cooperation with partners worldwide,” he added.

Trade acceleration and growth in light of globalisation, liberated economic policy and the security challenges related to the increased organised crimes represent the major hindrance to official customs authorities across the world.

Al Bustani said that sharing opinion and advice with the Saudi Customs and other authorities in the GCC region as well as international forums is one of the main pillars of FCA’s strategy.

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