Business | Markets
Co-ops get nod to directly import 15 basic commodities
The Ministry of Economy has authorised cooperative societies to remove middlemen and directly import 15 basic commodities, which were earlier removed from the commercial agencies record.
- WAM
- Published: 00:17 March 27, 2008
Dubai: The Ministry of Economy has authorised cooperative societies to remove middlemen and directly import 15 basic commodities, which were earlier removed from the commercial agencies record, in order to maintain price stability.
Mohammad Ahmad Bin Abdul Aziz Al Shehi, Undersecretary of the Ministry, said importers should take advantage of the amendment to Federal Law No. 18 of 1981, which was issued in June 2006, allowing the import of 15 basic commodities without resorting to middlemen.
Commodities include powder and condensed milk, frozen and canned vegetables, baby food and formula, chicken, oil, rice, flour, fish and meat products, tea, coffee, cheese, pasta, sugar and diapers.
Under the amendment, co-operative societies and commercial companies can import these commodities freely and without conditions. "The move to liberate these basic commodities aims to eliminate monopoly and cartels, which increase prices of foodstuff," Al Shehi said.
"This will encourage healthy competition between traders, which will reflect positively on the market. The Ministry encourages co-operatives to import foodstuff collectively through the Co-operative Union, which will offer competitive prices for the benefit of consumers," Al Shehi said.
He added the Ministry has so far cancelled 27 commercial food agencies included in the amended law, and will send reminders to concerned traders, importers, co-operatives and customs points regarding the decision.
Meanwhile, Al Dhafra Co-operative Society yesterday started selling 70 essential food commodities at cost price, including some below cost price.
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