Monday, 11 July 2022 – 11:37
ABU DHABI, 11 July / WAM / The Economic Integration Committee chaired by His Excellency Abdullah bin Touq Al Marri, Minister of Economy, met in the presence and membership of His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and representatives of local economic development departments in all emirates of the country.
His Excellency bin Touq said that the committee had reached advanced stages in supporting the development and improvement of the country’s economic legislative environment during the last phase, which had helped to consolidate its efforts in the transformation to a new economic model based on flexibility, competitiveness and sustainability. , in accordance with the principles of the fifties and the determinants of the UAE Centenary 2071, with reference to The recommendations and decisions recently taken by the committee have played a prominent role in consolidating the strength and sustainability of the national economy, and strengthen support for joint national efforts aimed at consolidating the country’s position as a world leader in investment and business.
His Excellency added: “The Committee continues its tireless work to achieve economic plans, objectives and proposals that support the country’s economy, contributing to the acceleration of the pace of procedures for implementing economic initiatives in all emirates of the country, which addresses all challenges and issues related to the market and business sector, the improvement of the business and investment environment and the confrontation of unrest. ” future economy.
At the beginning of its meeting, the Economic Integration Committee reviewed the discussions and discussions with the Federal National Council on the legislative provisions of the “Commercial Agencies” Act and the “Cooperatives” Act.
In this context, His Excellency Bin Touq emphasized that the new commercial agency bill would bring about a qualitative shift in supporting new industries in the UAE, attract quality investment to the state, improve agency services and products, and increase the number of citizens. will enter into agency. activities, which give vitality and diversity to the commercial agency model as one of the The most important drivers of the business environment, especially by providing a legislative framework that takes best practices into account and a balanced relationship between the agent and the principal while protecting the agencies’ investments and the continuity of their services to the best specifications.
The Committee adopted the new vision of the UAE in the development of the National Trade Register in accordance with the provisions of Decree-Law No. 37 of 2021 on the trade register, and revises the efforts of the relevant authorities to improve its liaison with the economic register. and the federal government revenue collection system at all licensing authorities, which contributes to the flow and availability of Information and Data for companies with higher accuracy, more comprehensiveness and directness, in a way that supports the country’s investment environment.
His Excellency bin Touq explained that the new linkage system for the economic register represents an important step in supporting the achievement of the country’s future economic policy, improving the competitiveness of the business environment, and supporting and accelerating the process. of digital transformation in its management, as it contributes to unifying frameworks for registration, control and monitoring of companies’ activities, thus improving the activation and application of economic legislation. It facilitates the transition from state fee policies to the profit tax system, and supports the state’s orientations towards digital services based on artificial intelligence and technology, in a way that enhances its efforts to build a new economic model based on knowledge, innovation and technology. .
In another direction, the committee discussed the latest developments in the draft law on combating commercial cover-ups and revised the vision of the Ministry of Economy in this law, which included the need to remove all cases of commercial cover-ups, especially after the state has issued a lot of economic legislation, such as allowing foreign ownership of investments, and legislation regulating real beneficiary data. It emphasizes the importance of keeping up with these legislative changes by establishing an integrated law to combat commercial concealment and to improve the protection and competitiveness of investment. business environment.
In addition, the committee followed the workflow of the operational plan for corporate registrars, which demonstrates a synergy in national efforts between federal and local government agencies to improve the system of procedures for the real beneficiary of private sector institutions in a way that achieves compliance . with legislation, decisions and regulations relating to the fight against money laundering, the fight against terrorist financing and the financing of illegal organizations, and taking into account the best international standards and practices, results and requirements of the Financial Action Task Force (FATF).
The committee also reviewed the role of the relevant authorities in supporting the joint Gulf economic work system, especially in the commercial and customs aspects, which will increase intra-Gulf trade and the flow of goods and goods between the GCC countries. will ensure, and contribute to the strengthening of the Gulf economies and the development of business and trade opportunities at the private sector level in all countries.
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Wm / Ahmed Al-Boutli