H.E. Bin Touq: The Committee has been instrumental in supporting efforts to enhance national economic diversification & boost the competitiveness of business environment

 Abu Dhabi: The Economic Integration Committee held its sixth meeting for the year 2024, chaired by H.E. Abdulla bin Touq Al Marri, Minister of Economy. It was attended by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, and the directors general of the local economic development departments in all emirates.

The latest Committee meeting examined proposals for new legislative amendments to several economic laws to further enhance economic and commercial activities and facilitate the establishment of new businesses. The Committee also discussed the importance of strengthening consumer protection mechanisms against intrusive marketing calls and reviewed actions taken by relevant authorities in this regard.

In this regard, H.E. Bin Touq emphasized that the Economic Integration Committee has been instrumental in supporting efforts to enhance national economic diversification and boost the competitiveness of the country's business and investment environment, thanks to its active contributions in discussing and proposing numerous economic laws and policies.

Furthermore, the Committee has adopted global best practices in the development of key economic sectors and advancing frameworks for cooperation in areas such as intellectual property, consumer protection, anti-money laundering, and digital trade.

H.E. said: "The Committee is actively working to promote the country's transition towards a new knowledge and innovation-based economic model. Its primary objective is to encourage collaboration among relevant federal and local entities, with the aim of positioning the UAE as a global leader in the development of proactive legislation for new economic sectors, in line with the goals outlined in the 'We the UAE 2031' vision."

The Committee highlighted the UAE's efforts to enhance economic openness and forge trade partnerships with prominent markets, both regionally and globally. These initiatives include the signing of comprehensive economic partnership agreements with several countries, including Jordan, Serbia, and Vietnam. These agreements play a crucial role in achieving the country's future economic objectives and solidifying its position as a global trade partner. Additionally, the Committee reviewed the progress made in the development of database and statistics for the UAE's services sector, which aims to bolster the digital ecosystem for trade, investment, and supply chains.

In addition, the meeting evaluated the progress made in the implementation of the Cabinet resolution concerning telemarketing regulations to reduce intrusive marketing calls. The participants explored the development of a monitoring system to ensure that the resolution is not bypassed by certain companies, and to ensure full compliance with it. Furthermore, the meeting reviewed the number of violations and penalties imposed by the relevant authorities in this regard.

The Committee reviewed the Ministry’s efforts to increase the rate of patent registrations and promote an environment conducive to innovation and creativity in the country. These include the expansion of partnerships with local economic departments to develop new initiatives that bolster intellectual property (IP) and ensure the implementation of recently introduced IP system measures. The Committee also discussed the significance of the IP Finance project, which the Ministry has undertaken in collaboration with the World Intellectual Property Organization (WIPO). They explored ways to promote collaboration among member entities to further the project's goal of enhancing financing opportunities in the country's IP sector. Additionally, it aims to launch initiatives that enhance the value of intangible assets for companies, strengthening the pillars of an innovative and knowledge-driven national economy.

The meeting deliberated on various other topics aimed at enhancing collaboration, coordination, and the exchange of knowledge and best practices among the departments of economic development in the UAE.

For further information, please contact:
Orient Planet Group (OPG)
Tel:  +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com