All major co-operative societies and retail companies throughout the country have signed memorandums of understanding (MoU) with the UAE Economy Ministry.

According to the MoU, key retailers will maintain the prices of basic food commodities, without prejudice or increases.

UAE Economy Ministry Under-secretary Mohammed Ahmed bin Abdulaziz Alshihhi said the Department of Consumer Protection continues to visit various establishments to ensure that the MoUs’ terms are being enforced and that the price levels of agreed-upon products remain as they were in 2007.

“During the last monitoring period, the MoE did not receive any consumer complaints on price increases for the selected commodities,” said Alshihhi.

Emphasising the need for closer co-operation between consumers and the MoE through the Department of Consumer Protection, the ministry is urging the public to report any irregularities in agreed-upon commodity prices to the 60522225 hotline or to the MoE’s website.

Alshihhi assured that appropriate actions will be taken against confirmed violators.

“The ministry has prepared several actions and initiatives that will contribute significantly to improved consumer awareness on the status of basic goods and food commodities, including lists of products and prices as committed by all the cooperative societies and retail companies on the web site of the Ministry to be used as guides by consumers,” said Alshihhi.

He explained that their co-operation in curbing price increases within the local market, particularly those of basic food commodities, contributes significantly to the UAE’s development strategy.

Alshihhi said the support shown by the cooperative societies and major retail companies for MoE initiatives to stabilise the prices of basic commodities reflects their social responsibility and their vital role in stabilizing commodity prices and maintaining market balance.

He also called on co-operative societies and retail companies that have not yet signed pricing agreements to join the MoE’s initiatives in order to fight monopoly, price increases, and greed, and support positive supply and demand mechanisms while maintaining the stability of the local market.

Alshihhi said the MoE will exert extra effort to assist cooperatives and retail companies in facing various market and operational challenges and thus optimize the service market and consequently promote national economic development.

He said the Ministry will continue, in cooperation with concerned parties, to monitor any monopoly or exploitation that may threaten the stability of the market, explaining that maintaining market balance and consumer protection is not the sole responsibility of the MoE, but rather a shared responsibility between federal and civil groups, in their common goal of eliminating negative practices that are detrimental to consumers, the society, and the national economy. – TradeArabia News Service