The Economic Integration Committee has discussed issues related to promoting federal and local cooperation and coordination to drive national economic growth at its third meeting in 2022, chaired by Abdullah bin Touq Al Marri, Minister of Economy.
Other key issues included upgrading the country’s economic laws, ensuring consumer protection, drafting anti-money laundering legislation and regulating e-commerce.
The meeting was attended by Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, along with representatives of economic development departments from around the country.
Al Marri highlighted the committee’s efforts to drive the national economy’s growth, in line with the vision of the UAE’s leadership and the goals of the Principles of the 50 and the UAE Centennial 2071. He noted that the committee is continuing to draft new plans and frameworks to address all current and future economic issues facing markets and the business environment by adopting efficient, proactive and practical solutions.
“The development of the country’s economic policies is one of the key foundations of its new economic system. The committee has adopted a number of federal and local action frameworks to support related national efforts, as part of the major legislative amendments previously announced by the country,” he said.
He pointed to the ongoing efforts to draft a new range of key policies covering family businesses, cooperatives and financial auditors.
The committee lauded the national efforts to adopt legislation aimed at countering money laundering, terrorism financing and the financing of illegal organisations in the country, in line with domestic policies and international standards.
The committee also reviewed the progress of work of the Global Economic Agreements Programme, which was launched by the UAE as part of the first phase of the Projects of the 50 in 2021. Under this framework, the Comprehensive Economic Partnership Agreement (CEPA) with India was signed, and a series of negotiations began to reach similar partnership agreements with many countries and regional and international 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 the needs of consumers and promote an appropriate consumer culture.
The committee also presented the results shared by the action team in charge of increasing the productivity of various economic sectors, aimed at creating an economic model that will increase the productivity of human, technological and investment resources in line with specific performance indicators, in coordination with the Federal Demographic Council.
During the meeting, the participants also agreed to form a joint technical action group comprising the Ministry of Economy, the Department of Economic Development, the Ministry of Finance, the Federal Tax Authority, the Telecommunications and Digital Government Regulatory Authority, which will raise awareness of the need for individuals working in e-commerce to licence their activities, as well as ensure their commitment to tax compliance, in accordance with applicable national legislation.
Source: Emirates News Agency