Page 491 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/12/24, 9:58 AM Economic Integration Committee explores potential amendments to economic laws
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

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