India-UAE trade hits Dh87.2 billion in 2011 first half

Trade exchange between Dubai and India saw a record jump of 50% in the first five months of 2011 hitting Dh87.2 billion against Dh58.2 billion over the first five months of 2010, according to a top official. "Imports topped the list of trade exchange between both sides standing at Dh41.3 billion whereas imports exceeded Dh16 billion and re-exports amounted to Dh29.8 billion," Executive Chairman of Ports, Customs and Free Zone Corporation Ahmed Butti said. Indicating that India is the top trade partner with the UAE, Butti said Dubai Customs is very keen to foster trade and economic relations with India and provide all the necessary facilities for the Indian business community, the (Khaleej Times) daily reported Monday. Further, Butti and the high official Indian delegation visit at the department headquarters in Port Rashid, looked into possible ways to develop and enhance bilateral cooperation and trade relations. Later, Butti, who is also Dubai Customs Director General, presented a complete explanatory on the Department as well as other local customs departments’ business mechanisms. The Indian delegation, headed by R.S. Sidhu, Director General of Revenue Intelligence in New Delhi and P. Jaideep, the Economic Consul in Dubai highlighted India’s interest in achieving more economic cooperation between the two countries. "Dubai Customs’ efforts to reinforce legitimate trade movement as well as the implemented business systems herein reflect its interest to encourage traders and investors to perform business in Dubai with minimum administrative requirements and service fees." Paying a tribute to Dubai Customs’ efforts to protect the economy and the community against prohibited and counterfeited goods, R.S. Sidhu commended said the department does facilitate legitimate trade movement.