Dubai Customs highlights GCC Customs Union’s boosted negotiating power with world economic blocs

The 3rd C5’s Advanced Conference on Trade Compliance in the Middle East has wrapped up in Dubai’s Chamber of Commerce. Held in partnership with Dubai Customs, the conference drew a good crowd from across the private sector, WCO, US Department of State, HM Revenue and Customs, Dubai Customs and others. It presented the perfect platform for major players in the trade facilitation industry to network and share insights on trade compliance. 

Customs Procedures in the Arabian Gulf

The Legal Affairs Director at Dubai Customs Mrs Narmin Issa conducted a seminar, jointly with a WCO representative, on “Keeping on Top of Frequently Changing Customs Documentation Requirements within the Gulf Cooperation Council”. She spoke about the documentary requirements, classification and transfer pricing within the GCC, and how to keep up with the changes to customs rules and regulations. 

FTAs & FTZs

At a session on “Maximizing savings when importing goods: How to navigate free trade agreements and free trade Zones to increase duty savings”, Mrs Narmin shed light on some of the most important, applicable free trade agreements and free trade zones within the GCC and MENA region, detailing the requirements, key benefits and restrictions of using free trade zones in the UAE.

Mrs Issa referred in detail to the economic agreement between GCC states in 2001 that led to the formation of the GCC Customs Union, treatment of GCC-produced goods as national products and unifying the customs tariff.

The Dubai Customs’ delegate highlighted GCC Customs Union’s recent advancements which have boosted its negotiating power with world economic blocs, bring it an even prominent role in promoting trade partnerships regionally and globally.

The session was engaging, as the audience asked many questions about the GCC-Singapore FTA; the first Free Trade Agreement (FTA) signed by the GCC. The agreement is a comprehensive one that includes Trade in Goods, Rules of Origin, Customs Procedures, Trade in Services and Government Procurement. 

AEO Program Workshop

On the last day of the conference, the Director of Customs Declarations Management Department and Owner of the AEO Program Ms Eman Al Suwaidy conducted a workshop for attendees on the Authorized Economic Operator program. She showed them first-hand how to obtain the AEO certification, who is eligible, how to get the certification and anticipated benefits.

She elaborated on the numerous benefits the AEO program delivers to reliable and compliant partners, including pre-arrival shipment clearance, joining MRAs and a preferential customs treatment. It makes the flow of goods faster and more predictable than anywhere else in the World. AEOs are expected to save 25% of operational costs

She addressed some difficult issues surrounding AEO application, from establishing customs compliance procedures to meeting site safety and security standards. The interactive workshop provided attendees with the rare opportunity to work through examples of the most critical challenges companies face when applying for the AEO certification. 

The conference aimed at promoting voluntary trade compliance, and minimizing the effects of international agreements and protocols on inter-GCC and MENA trading trends. It was organized by C5 group, in partnership with Dubai Customs for the 3rd year in a row.