Business | Economy

Government entities sign deal on trade protection

The Ministry of Economy (MoE) and the Abu Dhabi Department of Planning and Economy (DPE) recently signed a memorandum of understanding (MoU) formalising cooperation in trade protection.

  • Staff Report
  • Published: 00:33 May 15, 2008
  • Gulf News

Dubai: The Ministry of Economy (MoE) and the Abu Dhabi Department of Planning and Economy (DPE) recently signed a memorandum of understanding (MoU) formalising cooperation in trade protection.

The MoU will streamline trade control procedures to tighten control over the commercial markets and create a competitive environment that both protects society and develops the national economy.

The memorandum was signed by Mohammad Ahmad Bin Abdul Aziz Al Shihhi, undersecretary of the MoE, and Mohammad Omar Abdullah, undersecretary of the DPE, at the Ministry of Economy.

Al Shihhi said that the MoU is an important step in enhancing cooperation between the MoE and Department of Planning and Economy.

"The Memorandum is an important fruit of this collaboration," he said.

He explained that the importance of the MoU lies in its regulation, unification, and development of procedures governing the control of economic activities in Abu Dhabi and the establishments engaged in these activities.

Al Shihhi added that the MoU aims to activate trade control mechanisms in the UAE, pointing out that the MoE implements and monitors several laws on trade control, including Federal Law No 4 of 1979 on the suppression of fraud and deception in business transactions; Federal Law No 18 of 1981 on organising commercial agencies; Federal Law No 37 of 1992 on trademarks and Federal Law No 9 of 1993 on the trade of precious stones and metals.

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