Economic Integration Committee reviews progress in governmental efforts to develop economic regulations & legislation

Committee continues to develop strategies & new mechanisms to ensure that all current & future economic challenges in national business environment are adequately addressed

The Economic Integration Committee held its third meeting for 2022, chaired by H.E Abdulla Bin Touq Al Marri, Minister of Economy, and with the participation of H.E. Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; H.E. Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Affairs, and representatives of economic development departments from all emirates.

The Committee discussed a number of topics that contribute to the development of cooperation and coordination mechanisms and roadmaps at the federal and local levels in the next phase, in order to drive the growth of the national economy. In addition, it focused on vital topics, notably the development of the UAE's economic legislative environment, ensuring consumer protection, meeting the requirements of anti-money laundering legislation, and e-commerce regulation.

H.E. Bin Touq reiterated the ongoing concerted efforts of the Economic Integration Committee to advance the development of the national economy in accordance with the wise leadership’s vision and in line with the principles of the 50 and the UAE Centennial 2071. The Minister noted that the Committee continues to develop strategies and new mechanisms to ensure that all current and future economic challenges in markets and the business environment are adequately addressed with proactive, practical, and effective solutions. This will be achieved while ensuring the stability and prosperity of the national economy, which is founded upon resilience, sustainability, innovation, and foresight, and consolidating the UAE’s position as a regional and global competitive and attractive economic destination.

H.E. added: “The development of the economic legislation is one of the most important pillars of the UAE’s new economic model. Through the Economic Integration Committee’s efforts, we have developed a set of local federal frameworks to advance national efforts in this direction, as part of the largest legislative amendments of its kind announced by the UAE in conjunction with the beginning of the next 50 years.”

H.E. further reviewed the progress made during the previous phase in updating and amending legislation and regulations related to a number of economic areas, such as trademarks, copyright, industrial property, certificates of origin, commercial registry, and others, noting that efforts are still ongoing to develop a new set of key legislation. These include those pertaining to family companies, cooperatives, and auditors, all of which are aimed at driving new qualitative shifts in the economic competitiveness and attractiveness of the country's business environment.

Furthermore, the Committee commended the national efforts undertaken by Member States and all relevant UAE partners in developing the Anti Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations system in the country, in accordance with national laws and legislation and in conformity with international standards. H.E., the Chairman of the Committee, emphasized that efforts are continuing in accordance with the national action plan and in coordination with all relevant entities and international partners.

The Committee meeting also reviewed the progress made with regard to the global economic agreements launched by the UAE as part of the first set of the Projects of the 50 in September 2021, and the comprehensive economic partnership agreements concluded so far in this regard. The partnership has already been concluded with India, and a series of discussions have been launched to forge similar partnerships with an array of countries and important regional and international markets, opening new and broad opportunities for UAE exports and attracting foreign investments to all emirates, mainly in the industrial sector targeting those markets.

Furthermore, the Committee identified steps for joint action between the Ministry of the Economy, economic development departments, and other relevant entities with a view to ensure the stability of markets, provide all consumer needs for goods, products, and services, promote a safe consumer culture, and establish a balanced relationship between traders and consumers, thus enabling good business practices in all UAE markets.

In addition, the Committee reviewed the progress made by the team concerned with raising productivity in various economic sectors, thereby enhancing the growth of the UAE’s GDP. In detail, an economic model aimed at enhancing the productivity of sectors linked to human, technical, and investment resources was developed in accordance with specific performance indicators and sectoral studies and in coordination with the Federal Demographic Council, contributing to the UAE's GDP growth.

During the Committee’s meeting, it was also agreed to establish a joint technical action team consisting members from the Ministry of Economy, economic development departments, the Ministry of Finance, the Federal Tax Authority, and the Telecommunications and Digital Government Regulatory Authority (TDRA,) in order to raise awareness on the need for individuals engaged in e-commerce to license their businesses and commit themselves to tax compliance in accordance with UAE legislation.