Page 716 - MOE ENGLISH PR REPORT - JULY 2024

7/2/24, 4:39 PM Ministry Of Economy: New Law On Combating Commercial Fraud Bolsters UAE's Legislation And Protects Consumers In Line With …

Ministry Of Economy: New Law On Combating

Commercial Fraud Bolsters UAE's Legislation

And Protects Consumers In Line With Best

Global Standards

Date Share on Facebook Tweet on Twitter
7/1/2024 7:12:36 AM

(MENAFN- Dubai PR Network) 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',

https://menafn.com/1108393054/Ministry-Of-Economy-New-Law-On-Combating-Commercial-Fraud-Bolsters-UAEs-Legislation-And-Protects-Consume… 1/3