Dubai Commodities Center (Dubai Multi-Commodities Centre, DMCC ) has signed a memorandum of understanding with the parent company of Jafza free trade zone in the United Arab Emirates. This was reported in the press release DMCC.
The memorandum aims to improve the terms of trade to find new opportunities for cooperation between the leading free trade zones in Dubai. The contract will allow the members of both platforms to share best business practices, and access to the latest technology through trading platforms such as, for example, DMCC Tradeflow. Signing ceremony was held at the head office of Jafza, and was attended by representatives of the two free trade zones.
Jafza member companies will benefit from a number of products available through DMCC Tradeflow, only in the region of the central electronic registration of ownership of a commodity system, as well as services to enhance value added, for example, the mechanism of Murabaha trade finance flows and certified storage DMCC.
Commenting on the prospects of a new strategic partnership, CEO of DMCC, Ahmed Bin Sulayem (Ahmed Bin Sulayem) said: "The cooperation with Jafza has become a new logical step to the possibilities of cooperation DMCC and other free trade zones, through which market participants can access the technology and infrastructure needed for efficient trading. in addition, it allows us to understand how we should develop our strategic partnership in the future for the implementation of the economic growth of Dubai. "
Ibrahim Mohammed Al Janahi (Ibrahim Mohammed Aljanahi), Deputy Director General of Jafza, said: "Platform DMCC Tradeflow trust registered in her company because of its transparency and information security."
With the new contract Jafza will be able to promote the platform among its free trade zone companies during the seminars, conferences and forums organized for all sectors. DMCC will be engaged in learning Jafza representatives of their system and the evaluation of stocks in storage. In addition, Zafza become a member of the inspection program and the ratings repositories DMCC commodities.
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Indian Association of gold and jewelers (India Bullion and Jewellers Association Ltd, IBJA) issued a call for a national strike of workers in the sector of precious stones and jewelry from 1 March in response to the introduction of excise duty on jewelry in the budget of India for the 2016-2017 fiscal year.
The draft budget of February 29, it was announced that the jewelry will be charged excise duty at a rate of 1% in addition to the usual taxes. Sector of precious stones and jewelry made a strong condemnation of such government initiative. India can be organized a nationwide strike jewelers, similar to that which took place in 2012.
In 2012, excise duty on jewelery was canceled after the government representatives to counter the jewelry industry. Their strike lasted for almost 2 months.
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