Ministry of Economy meets heads and directors of 11 cooperative societies and major retailers to enhance cooperation in implementing legislation and pricing policies for consumer protection system

>> Bin Touq: The UAE has enhanced its legislation and regulation to promote the protection of consumer rights. The meeting is an important step to ensure the availability of goods and products in abundant quantities during Ramadan while securing the stability of prices.

• Reviewing the key impact of Federal Decree Law No. 5 of 2023 and its executive regulations and their role in establishing a more balanced and fair relationship between provider and consumer by placing more than 43 obligations on providers.
• Addressing the vital role of the pricing policy for consumer goods in the UAE, which helps regulate prices and promote fair commercial practices based on industry standards.

H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Supreme Committee for Consumer Protection, held a high-level meeting with the heads and directors of 11 cooperative societies and major sales outlets, aimed at enhancing the implementation of legislation and pricing policies of the consumer protection system.

The meeting, which was held at the headquarters of the ministry, focused on crucial aspects such as the basic consumer goods policy, unit pricing for consumer goods, and the Code of Conduct intended to strengthen the contractual relationship between sales outlets and suppliers in the UAE’s markets.

H.E. Bin Touq said: “Under the directives of our wise leadership, the UAE has witnessed advancements in legislation and regulation to promote consumer rights protection and foster fair trade practices aligned with best global standards. This progress echoes ‘We the UAE 2031’ vision, consolidating the UAE’s position as a leading global hub that provides a safe experience for consumers and guarantees all their rights while nurturing a competitive landscape for wholesale and retail investments. This contributed to a 1 per cent increase in the UAE’s GDP during the first half of the year 2023, marking these activities as among the fastest-growing sectors.”

“The meeting holds further significance as it coincides with the advent of the holy month of Ramadan. It represents a crucial stride in ensuring availability of goods and products in the country’s markets in abundant and sufficient quantities for long periods. The Ministry is committed to fulfilling all consumer needs for goods at fair prices, in addition to establishing a balanced relationship between suppliers and consumers, achieving greater stability in the market, and providing a safe consumer climate,” Bin Touq added.

His Excellency discussed the most prominent outcomes of Federal Decree Law No. 5 of 2023 regarding consumer protection and its executive regulations. Bin Touq emphasized their pivotal role in establishing a more balanced and fair relationship between the supplier and the consumer by placing more than 43 obligations on suppliers, providing integrated regulatory mechanisms and procedures to enable sound commercial practices, and granting the relevant local authorities all power necessary to enforce the provisions of the law and regulations. This includes receiving and resolving consumer complaints, imposing penalties, and fines on violators, and considering grievances.

Bin Touq also highlighted the prominent role of the pricing policy for consumer goods in organizing the vital relationship between suppliers of goods, sales outlets, and consumers, which contributes to ensuring the rights of all parties, supports the application of best commercial practices, and the smooth flow of goods and provisioning them to consumers in the various markets of the country. This policy includes not to increase the prices of basic commodities such as cooking oils, eggs, dairy, rice, sugar, poultry, legumes, bread, wheat, among others, without obtaining prior approval from the Ministry and the competent authorities in the country.

The meeting also discussed the importance of maintaining stability in the prices of goods and products in the markets during the holy month of Ramadan, emphasizing the importance of avoiding unjustified price hikes. Additionally, it underlined the necessity of providing offers and discounts through cooperative societies and various sales outlets, as well as ensuring ample quantities of goods and products to meet consumer needs.

The meeting was attended by representatives of more than 11 major cooperative societies and sales outlets in the UAE, including Union Coop, Emirates Coop, Abu Dhabi Coo, Al Ain Coop, Sharjah Coop, Ajman Coop, Umm Al Quwain Coop, and Lulu Hypermarket. Al Maya Supermarket, Nesto, and Al Safir.