Abu Dhabi: The UAE Cabinet issued instructions for bolstering national efforts to facilitate international trade, and boost the UAE’s quest to innovate sustainable economic models that can compete on a global level.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday chaired the Cabinet meeting at the Presidential Palace.

Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, was present.

“The UAE’s economy, under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, has become one of the most important economies and unique models in the region and the world,” said Shaikh Mohammad.

He added that the UAE economy has become a safe and investor friendly destination in the region, and pointed out that efforts are ongoing to enhance a conducive environment for innovation and entrepreneurship in order to achieve a knowledge-based economy by 2021.

“The UAE’s economy is a sustainable and responsible model that ensures long-term prosperity for citizens and residents because it can adapt to changes and open new and broad avenues for economic diversification due to its sophisticated technological and logistic infrastructure,” said Shaikh Mohammad.

Shaikh Mohammad said that the UAE is always seeking to innovate competitive sustainable economic models, and adopts flexible approaches to coordinate between the government and private sector as expected from a country with an acclaimed global reputation as a key business leader.

Simplifying procedures

The Cabinet approved the UAE’s obligations related to the implementation of the World Trade Organisation’s Trade Facilitation Agreement that aims to facilitate inter-border trade by simplifying procedures and administrative requirements by government bodies.

According to this agreement, countries that implement the agreement need to simplify procedures and documents required by government bodies relevant to import and export, and cut costs in compliance with the best international standards, including e-procedures.

The agreement also aims to coordinate the work of official bodies on border checkpoints in a way that creates a balance between the interests of the trade and business sector, as well as state-control bodies and border authorities.

The Cabinet approved the statute of Etihad Rail, the closing account of the General Pensions and Social Security Authority for 2013, and the draft budget of Emirates Transport for 2015. It ratified a number of agreements including the agreement between the UAE and Colombia on visa exemption for holders of diplomatic and official passports, as well as a pre-entry visa exemption agreement with Seychelles. The Cabinet approved the setting up of a joint committee with Brunei, an economic and technical cooperation agreements with Uruguay and Slovenia.

The Cabinet members recited a verse from the Quran to respect the soul of the late Saudi King Abdullah Bin Abdul Aziz.