Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Dubai Customs clears TIR carnet transactions worth US$38.7m

Dubai Customs cleared the first transit consignment under the TIR carnet in 2020. (WAM)
  • Goods shipped under cover of the internationally accepted customs transit document do not require inspection at border crossings while in transit.
  • It provides a financial guarantee to pay the suspended duties and taxes. The guarantee system is managed by the International Road Transport Union.

DUBAI, UAE – Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of the International Road Transport (TIR Carnet) system, the global customs transit procedure.

Dubai Customs cleared the first transit consignment under the TIR carnet in 2020.

Dubai Customs is a signatory of the TIR Carnet system, which enables goods to move under customs control from a country of origin, through transit countries, to a country of destination in securely sealed load compartments via a multilateral, mutually recognized system backed by a United Nations (UN) convention.

Goods shipped under cover of the internationally accepted customs transit document do not require inspection at border crossings while in transit.

It provides a financial guarantee to pay the suspended duties and taxes. The guarantee system is managed by the International Road Transport Union (IRU).

In 2014, Dubai Customs signed a guarantee agreement for implementing the system with the Automobile and Touring Club of the United Arab Emirates (ATCUAE), the official authorized representative of the IRU as a TIR issuing and guaranteeing association for the UAE.

The system was activated in the UAE in 2017 when the Federal Customs Authority was nominated as the competent authority to approve certificates of vehicles and containers for the transport of goods under the TIR procedure.

Dubai Customs issued Customs Policy No. 52/2021 on implementing the system.

This policy defines the customs centers that apply the system, including all centers affiliated with the Air Cargo Centers Department and the Land and Sea Customs Centers departments.

The policy also laid down the terms and conditions and procedures regulating the movement of goods under the carnet.

The usage of TIR is steadily growing across the UAE, the Gulf Cooperation Council and the wider Middle East region, as transport operators are increasingly seeing the benefits of the reduced transport times and lower costs brought by the system.

The activation of the system promotes Dubai’s sustainable foreign trade growth, enabling significant reductions in time and cost for trade operations carried out through this system.

This, coupled with the integrated customs services and facilities provided by Dubai Customs to all the Emirate-based trade operators, supports the realization of the Dubai Economic Agenda (D33)’s ambitious goals.

This will boost Dubai’s trade in goods and services to US$6.97 trillion (AED25.6 trillion) within the next decade.