The Committee on Economic Integration met under the chairmanship of the Minister of Economy, Abdullah bin Touq Al Marri, and the presence and membership of the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and representatives of the local economic development departments in the emirates of the country.
The committee reviewed discussions with the Federal National Council on the legislative provisions of the “Commercial Agencies” Act and the “Cooperatives” Act.
Al Marri stressed that the new commercial agency bill would bring a qualitative leap in supporting new industries in the UAE, and the entry of larger numbers of citizens into the activities of agencies.
In detail, Economy Minister Abdullah bin Touq Al-Marri said the Economic Integration Committee had reached advanced stages in supporting the development and improvement of the country’s economic legislative environment during the final phase, which contributed to consolidating its efforts to relocate. to a new economic model based on flexibility, competitiveness and sustainability, and in line with the “fifty principles” and the determinants of the “UAE Centenary 2071”, and notes that the recommendations and decisions recently taken by the committee, played a prominent role in consolidating the strength and sustainability of the national economy, and strengthened support for joint national efforts aimed at consolidating the country’s position as a leading global investment and business destination.
At the beginning of its meeting, the committee reviewed the discussions and discussions with the Federal National Council on the legislative provisions of the “Commercial Agencies” Act and the “Cooperatives” Act.
Al Marri stressed that the new commercial agency bill would bring a qualitative leap to support new industries in the UAE, attract quality investments to the state, improve agency services and products, and involve greater numbers of citizens in agency activities, which gives vitality. and diversity to the commercial agency model, as One of the key drivers of the business environment, in particular by providing a legislative framework that takes best practices into account, and establishes a balanced relationship between the agent and the principal, while protection is ensured. of the agencies’ investments and the continuity of their services according to the best specifications.
The committee also reviewed the UAE’s new vision in the development of the national trade register, in accordance with the provisions of Bill No. 37 of 2021 regarding the trade register, and the efforts of the relevant authorities to link it with economic register, and the system for collecting federal government revenue with 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 investment environment of the country.
The Minister of Economy explained that the new linking system with the economic register is an important step in supporting the achievement of the country’s future economic policy, improving the competitiveness of the business environment and the process of digital transformation in its management. support and accelerate, as it contributes to unifying frameworks for registration, control and monitoring of companies’ activities, thus promoting the activation and application of economic legislation. It facilitates the transition from state fee policies to the profit tax system, and supports state with regard to the promotion of digital services based on artificial intelligence and technology.
In another direction, the committee discussed the latest developments in the draft law on combating commercial cover-up and was briefed on the vision of the Ministry of Economy in this law, which included the need to remove all cases of commercial cover-up, especially after the state enacted 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 protect the investment and business environment and competitiveness.
Supporting the work of the Gulf
The Economic Integration Committee followed the workflow of the operational plan for company registrars, which testifies to a joint national effort between federal and local government agencies to improve the system of procedures for the real beneficiary of private sector institutions, and in order to comply with the legislation, decisions and regulations relating to the fight against money laundering and the fight against the financing of terrorism, and the financing of illegal organizations. It takes into account the best international standards and practices, and the results and requirements of the Financial Action Task Force (FATF).
The committee also reviewed the role of the relevant authorities in supporting the system of joint Gulf economic work, especially in the commercial and customs aspects, in order to increase intra-Gulf trade, the flow of goods and goods between the GCC countries, and contribute to strengthening the Gulf economies.
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