Page 713 - MOE ENGLISH PR REPORT - JULY 2024

7/2/24, 4:39 PM Latest News
The Law enhances the efficiency of the economic sector and the competitiveness of trademark owners, while
also establishing integrated mechanisms to combat counterfeit, adulterated, and corrupt products.

>> Abdullah Al Saleh: The law marks a significant milestone in the country's efforts to develop proactive

legislation for economic sectors and enhance governance within business environment.

Abu Dhabi, 1 July 2024:
The Ministry of Economy (MoEc) has clarified that Federal Decree-Law No. (42) of 2023 on Combating

Commercial Fraud contributes to the creation of an integrated legislation that will significantly enhance
consumer rights protection and combat commercial fraud in the UAE, aligning with the best global standards.
This law introduces comprehensive mechanisms and regulations to prevent the trade of counterfeit,

adulterated, and corrupt products and to combat counterfeiting activities, ensuring fair competition and
bolstering the UAE’s global competitiveness.

H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, highlighted that this law marks a
significant milestone in the UAE's transition towards an economic model based on fair competition and

innovation. “The primary objective of this law is to enhance the regulatory and legislative landscape for the
economic sector, reinforcing the business environment and governance in line with the ministry’s strategic

objectives,” H.E. said.

H.E. said: “The introduction of this new law aims to enhance the competitiveness of the business
environment for both companies and trademark owners in the country, replacing the previous law on

combating commercial fraud. Additionally, it seeks to foster innovation in businesses and provide support for
the protection of intellectual property. The law aligns with federal laws on ‘Consumer Protection’,
‘Trademarks’, ‘Copyright and Neighbouring Rights’, and ‘Commercial Agencies’. Its provisions have been

developed with a forward-thinking and adaptable approach that takes future developments into account.”

“In the past stage, the Ministry of Economy has collaborated with partners of federal and local government
entities, as well as the private sector, to enhance law concerning commercial fraud. This effort has been

instrumental in creating a competitive environment for the establishment of businesses, increasing flexibility
in economic and trade activities, and strengthening the UAE's status as a leading global hub for commerce,

business, and innovation.” H.E added.

The Ministry has emphasized the law’s crucial role in fostering a competitive trade and business

environment. It will drive the growth and improvement of the domestic trade system and enhance the retail
sector. The law will promote sound commercial practices and effectively combat the sale of counterfeit,

adulterated, and corrupt products. This, in turn, will attract major brands and positively impact their economic

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