The UAE Ministry of Economy (MoE) and the Abu Dhabi Department of Planning and Economy (DPE) have signed a Memorandum of Understanding (MoU) formalising cooperation in the area of trade protection.

The MoU will streamline trade control procedures in accordance with agreed regulations in a move to tighten control over the commercial markets and create a competitive environment that both protects society and develops the national economy. 

The MoU was signed by undersecretary of the MoE Mohammed Ahmed bin Abdulaziz Alshihhi and undersecretary of the DPE Mohammed Omar Abdullah at the Ministry of Economy in Abu Dhabi.

The signing ceremony was attended by assistant undersecretary for companies and control affairs Humaid bin Butti Al Muhairi and other officials.

Alshihhi confirmed that the MoU is an important step in enhancing cooperation between the Ministry of Economy and Department of Planning and Economy.

“We are proud of the existing partnership between our two parties; the Memorandum is an important fruit of this collaboration,” said Alshihhi.

He further explained that the importance of the MoU lies in its regulation, unification, and development of procedures governing the control of economic activities in Abu Dhabi and the establishments engaged in these activities, following an institutional framework consistent with UAE's international obligations and Abu Dhabi’s own direction in developing its investment environment and the necessary laws and regulations.

Alshihhi added that the MoU aims to activate trade control mechanisms in the UAE, pointing out 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) of2002 on the protection and organization of industrial property and patents; and Federal Law No. (17) of 2004 on trade concealment.

The MoU defines trade protection as any action or conduct aimed at ensuring the full enforcement of trade laws, particularly in Abu Dhabi, while defining 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 represents a general framework for cooperation between the two signing parties in the area of trade protection, as they seek to coordinate in technical, legal, procedural and training aspects related to trade protection.
The DPE in Abu Dhabi will send the MoE a periodic report every three months covering the local trade control processes it performs; the report will specifically contain the inspections processes carried out by the department, the actions it has taken, obstacles to trade control, and appropriate recommendations and suggestions.

The ministry will study the reports submitted by the department and act accordingly.- TradeArabia News Service