DUBAI: Dubai Customs and the Dubai Chamber of Commerce and Industry announced they had signed a Memorandum of Understanding (MoU) to “streamlining the synergy in implementing the Dubai Customs’ in-house developed and owned ‘Risk Engine’ at Dubai Chamber”.
The statement said this agreement is “the outcome of both parties’ keenness to achieve optimal strategic goals and to better forge bonds of collaboration, pertaining to trade facilitation and risk mitigation.”
The agreement, signed at the Dubai Customs head office, is aimed at enabling Dubai Chamber to utilise Dubai Customs’ ‘Risk Engine’ platform upon its revamp and tailor-fitting it to accommodate Dubai Chamber’s service relating to the issuance of Certificates of Origin (COOs).
This MoU aims to cement bilateral relations between the two parties via coordination, joint efforts, exchange of expertise and technological resources. It also aims to make best use of Dubai Customs’ knowledge and expertise by offering the Risk Engine to Dubai Chamber for the sake of screening data risk and ensuring high levels of accuracy in submissions made by clients for issuance of COO.
A joint team has been formed comprising technical and other departments within the two entities in order to commence on this new venture.
The Dubai Customs Risk Engine is designed to accommodate all types of transactions and cuts the need for human intervention in processing. As such, in 2015, around 97 per cent of Customs risk-free transactions were automatically approved in less than two minutes without any human intervention, compared to 95 per cent in 2014.
