ABU DHABI, 25th March, 2022 (WAM) — The Economic Integration Committee discussed issues related to promoting federal and local cooperation and coordination to boost national economic growth during its third meeting in 2022, chaired by Abdullah bin Touq Al Marri, Minister of Economy.
Other key issues include upgrading the country’s economic laws, consumer protection, drafting anti-money laundering legislation and regulating e-commerce.
The meeting brought together Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as well as representatives of economic development departments from across the country.
Al Marri highlighted the committee’s efforts to boost the growth of the national economy, in line with the UAE’s leadership vision and the goals of the 50 and UAE Centenary Principles 2071. He noted that the committee continues to draft new plans and frameworks. respond to all current and future economic problems facing the markets and the business environment by adopting effective, proactive and practical solutions.
“The development of the country’s economic policies is one of the essential foundations of its new economic system. The committee adopted a number of federal and local policy frameworks to support related national efforts, within the framework of major legislative changes previously announced by the country,” he said.
He highlighted ongoing efforts to draft a new set of key policies covering family businesses, cooperatives and financial auditors.
The committee commended the national efforts to enact legislation aimed at combating money laundering, terrorist financing and the financing of illegal organizations in the country, in accordance with national policies and international standards.
The committee also reviewed the progress of the work of the global economic agreements programme, which was launched by the United Arab Emirates as part of the first phase of the 50 projects in 2021. Within this framework, the partnership agreement Comprehensive Economic Partnership (CEPA) with India has been signed and a series of negotiations have begun to reach similar partnership agreements with many regional and international countries and markets.
The committee identified the phases of cooperation between the Ministry of Economy, economic development departments and other relevant authorities, to ensure market stability, meet consumer needs and promote an appropriate consumer culture.
The committee also presented the results shared by the action team in charge of increasing the productivity of the different economic sectors, aimed at creating an economic model that will increase the productivity of human, technological and investment resources according to specific performance indicators, in coordination with the Federal Council for Demography.
During the meeting, participants also agreed to form a joint technical action group comprising the Ministry of Economy, Department of Economic Development, Ministry of Finance, Federal Tax Authority, telecommunications and digital regulation, which will raise awareness of the need for people working in e-commerce to obtain a license for their activities, as well as guarantee their commitment to tax compliance, in accordance with applicable national legislation.