Economic Integration Committee studies development of procedures & regulations for inland transport of goods & products within UAE

Abdulla Bin Touq: The Committee played a vital role in promoting incentives & enablers of the business environment & achieving greater integration at the federal & local levels in 2021

H.E. Abdulla bin Touq Al Marri, Minister of Economy, chaired the 11^th meeting of the Economic Integration Committee, which was held virtually with the participation of H.E. Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and representatives of economic development departments from all emirates.

During the meeting, the Minister of Economy underlined the importance of the role played by the local economic development departments in strengthening the UAE’s national efforts to counter money-laundering and combat the financing of terrorism and illegal organizations. Its role, in cooperation and coordination with the Ministry of Economy, has been a driving force in fulfilling the country’s requirements to meet the recommendations of the Financial Action Task Force (FATF), he noted.

During the Committee’s first meeting in 2022, H.E. Bin Touq explained that the Committee has played a pivotal role in improving the UAE’s economic environment and supporting its transition to a new, more flexible, competitive and sustainable economic model. During the past year, the Committee succeeded in developing seven key files. These are: the intensification of efforts to update the requirements of the UAE’s mutual evaluation on countering money-laundering and combating the financing of terrorism; the amendment and modernization of the Commercial Registry Act and the development of a new vision for the national economic register system; a bill on family laws; a bill amending the Commercial Agencies Law;  joint efforts to develop the country's non-oil foreign trade with the countries of the region; formulation of plans to strengthen the response of economic sector institutions to emergencies and crises, in particular economic crises; and strengthening of the integration frameworks at the federal and local levels to support the position of the country in business-related global competitiveness indicators.

H.E. Bin Touq explained that through the 10 meetings held last year, the Committee issued 77 recommendations, of which the implementation of 91% has been completed (i.e., 70 recommendations). The remaining 9% are currently being completed in accordance with the time frame set for the implementation requirements of the recommendation. He also highlighted the need to continue joint efforts through the Committee to address priority economic issues, promote the outcomes of plans and initiatives implemented by the various entities concerned with development in the country, and achieve economic targets for the next 50 years.

In addition, the Minister of Economy noted that the Committee's agenda for the year 2022 includes many important economic files, which will be addressed through the development of complementary plans in various economic areas. This will be followed by their enactment, amendment, and development of these economic legislation to enhance the country's competitiveness, as well as the follow-up and update of economic recovery initiatives, aimed at achieving the goals

Furthermore, the Committee reviewed national efforts to strengthen the UAE’s position in countering money-laundering, combating the financing of terrorism, and organizing the data of the ultimate beneficiary, as well as the leading role of the local departments of economic development in meeting the requirements of the mutual evaluation of FATF, which will begin mid-January. This include the updation of data, provision of incomplete data, and infliction of administrative penalties in accordance with Cabinet of Ministers Resolution No. 53 of 2021 concerning violations of Cabinet of Ministers Resolution No. 58 of 2020 concerning the Regulation of Beneficial Owner Procedures, as well as provision of inspection data.

The Committee was briefed on a comprehensive economic study on the procedures and regulations for the transit of trucks and for the transport, unloading, and distribution of products and goods among the emirates of the country. The study also focuses on identifying ways to improve and develop them so as to facilitate the inland transportation of products and goods, enhance commercial activity in the country, and provide the required support to all economic and business activities in the country, thus enhancing their productivity and increasing their competitiveness.

In addition, the Committee was briefed on the development study of productivity indicators, which is being carried out by an action group of the Ministry of Economy and local economic development departments, in cooperation with the Federal Demographic Council. It is aimed at developing a new model to identify the priority sectors for increasing productivity in the country’s economy as well as the competencies, occupations, and skills that have the greatest impact on productivity. The Committee instructed to continue efforts to finalize them over the next two months.

The Committee had held 10 meetings in  2021, during which it worked to achieve national objectives in accordance with the vision and guidance of the country’s wise leadership, through the establishment of joint mechanisms for the development of economic action at the federal and local levels. It focused on the promotion of opportunities in the UAE’s business environment, the acceleration of actions and decisions to implement economic initiatives, address challenges and follow-up on developments and issues related to the market and the business sector, besides discussing future plans and proposals to support the country's preparations for the next 50 years.