Email | Print

Comment

Recommend this story (*)

[-]Text[+]

H.E. Alshihhi: national control mechanisms to create competitive environment for socio-economic growth

The UAE Ministry of Economy (MoE) and the Dubai Department of Economic Development have signed today (Thursday, July 3, 2008) a Memorandum of Understanding (MoU) requiring their cooperation in trade protection and the planning, development, and unification of procedures related to trade control. The MoU is intended to enhance commercial market regulation and create a competitive environment thatboth protects society and develops the national economy.
 
The Memorandum was signed at the Ministry’s Dubai office by H.E. Eng. Mohammed Ahmed Bin Abdulaziz Alshihhi, Undersecretary of the MoE; and H.E. Ali Ibrahim Mohammed, Deputy Director General for Executive Affairs, on behalf of H.E. Mohammed Bin Ali Al Abbar, Director General of the Dubai Department of Economic Development (DED). The ceremony was attended by H.E. Humaid Bin Butti Al Muhairi, Assistant Undersecretary for Companies and Control Affairs; Mr. Abdullah Ahmed Al Hussein, Director of the Control Department; and other key officials.
 
H.E. Alshihhi confirmed that the MoU is an important step in enhancing cooperation between the MoE and the Dubai Department of Economic Development. “The importance of this MoU lies in its regulation, unification, and development of procedures governing the control of economic activities in Dubai and the establishments engaged in these activities. This agreement establishes an institutional framework consistent with UAECs international obligations and Dubai’s own direction in developing its investment environment and the necessary laws and regulations,” said Alshihhi.
 
The Undersecretary added that the Memorandum represents a general framework for cooperative trade protection between the two signatories, pointing out that both agencies are eager to coordinate on the technical, legal, procedural, and training aspects involved in trade protection.
 
H.E. Alshihhi explained that the Ministry, through the signing of such memorandums, aims to implement trade control mechanisms in the UAE and create a competitive environment for the protection of society and the development of the national economy. He added that the MoE implements and monitors several laws on trade control, including Federal Law No. (4) of 1979 on the suppression of fraud and deception in business transactions; Federal Law No. (18) of 1981 on organizing commercial agencies; Federal Law No. (37) of 1992 on trademarks; Federal Law No. (9) of 1993 on the trade of precious stones and metals; Federal Law No. (7) of 2002 on copyright and associated rights; Federal Law No. (17) of 2002 on the protection and organization of industrial property and patents; and Federal Law No. (17) of 2004 on trade concealment.  
 
The MoE official emphasized that the signing parties will have to focus on proper preparation to achieve the objectives of the MoU. This would require the exchange of pertinent data, documents, studies, and publications; and the co-development of an easily accessible and maintainable unified database for these resources. The signatories will also have to create trade protection rules and guidelines in accordance with an organized institutional framework to ensure clear and specific control procedures that will build confidence between the Ministry, the Department, and economic establishments in Dubai.
 
H.E. Alshihhi also pointed out that under the terms of the MoU, his Ministry and the Dubai Department of Economic Development will adopt sophisticated mechanisms for the implementation of public policies that support trade protection, including the monitoring of market activities. The MoU also requires the Department to manage inspection processes following prescribed legal parameters in coordination with the Ministry. Finally, the agreement provides for the implementation and monitoring of laws, regulations, and decisions concerning the protection of trade, and the use of appropriate legal and administrative procedures.
 
Lastly, the Undersecretary stated that the consumer protection law was created to protect consumers from fraud and unjustified price hikes, pointing out that the MoE performs this role in accordance with its capacity and responsibility to protect consumers from negative domestic market practices.
 
For his part, H.E. Ali Ibrahim Mohammed, Deputy Director General for Executive Affairs, (DED), was very pleased with the signing of the MoU as it affirms the productive collaboration between the Ministry of Economy and the Dubai Department of Economy Development. He explained that the two parties share the same vision of serving the country’s economy and will coordinate efforts to harmonize their plans and goals.
 
He also referred to common denominators in the strategic plans of the Ministry and the Dubai Department of Economy Development that allow both of them to work according to joint mechanisms. He expressed his hope in the emergence of tangible results from the partnership in the near future, for the benefit of consumers and the business community of Dubai as well as other emirates.
 
The Memorandum defines trade protection as any action or conduct aimed at ensuring the full enforcement of trade laws, particularly in Dubai, while referring to commercial control as the control and inspection of processes related to economic activities in the emirate and establishments engaged in these activities.  
 
The MoU also states that the signing parties shall cooperate in promoting awareness programs that will educate the public and investors on laws and regulations concerning trade protection and their rights under these legislations and procedures. The Dubai Department of Economic Development shall hear complaints submitted by the public as related to trade legislation and protection, according to documented evidence from the Department.
 
The Ministry and the Department agreed to cooperate in the organization of conferences, seminars, lectures, courses, and workshops on trade control and participate in projects, programs and courses on trade protection as established by both parties, which may require practical or technical experience. The Dubai Department of Economic Department committed to send the MoE aperiodic report every three months covering the local trade control processes itperforms in Dubai; the Ministry in turn promised to study the reportssubmitted by the Department and act accordingly.
 
The UAE Ministry of Economy signed a similar MoU with the Abu Dhabi Department of Planning and Economy last May 2008, aimed at regulating, standardizing, and developing trade control initiatives in accordance with provisions on commercial market controls as well as creating a competitive environment that is conducive to the protection of society and national economic progress.

Email | Print

RECOMMEND THIS STORY

Your Vote 1 2 3 4 5

Average Rating

Add your own comment: