UAE Surpasses 1.5 Million Trade Licenses Under Bin Touq's Leadership

The Economic Integration Committee recently held its seventh meeting for 2024, led by Abdulla bin Touq Al Marri, Minister of Economy. The gathering included Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alia Abdullah Al Mazrouei, Minister of State for Entrepreneurship. Representatives from economic development departments across the seven emirates were also present.

The meeting focused on updates to economic legislation aimed at boosting the national business environment's competitiveness. These changes are part of a shift towards a knowledge and innovation-based economic model. The Committee also reviewed recommendations from previous meetings, particularly those related to telemarketing activities, ensuring consumer rights are protected according to UAE Cabinet directives.

Bin Touq highlighted that the UAE has established itself as a prime global hub for diverse economic activities. This success is attributed to visionary leadership and continuous alignment with global best practices. The adoption of flexible policies and advanced legislation supports innovation and adapts to rapid changes, aligning with the 'We the UAE 2031' vision.

The Committee is committed to working with relevant entities to create an advanced legislative environment. This effort aims to diversify the national economy, attract local and foreign investments, and increase company registrations in the UAE. Currently, there are over 1.5 million registered trade licenses in the country.

During the meeting, the Committee assessed the Ministry of Economy's performance in the Government Data Maturity Index. The Ministry achieved an impressive 95.7 percent score, reflecting its adherence to best practices in data management. This contributes to a robust economic database supporting strategic decisions that enhance international relations and monitor companies' financial performance.

Intellectual Property Rights Initiative

A proposed initiative was discussed to support intellectual property rights for UAE products with geographical indications (GI). This initiative aims to enhance these products' competitiveness in regional and global markets while safeguarding Emirati producers' rights internationally. It will boost local production reflecting UAE's identity and heritage.

The Committee stressed that producers must comply with all standards concerning IP protection for GI-tagged products. Coordination with relevant authorities will facilitate licensing and ensure compliance with regulations. This supports traditional industries, encourages tourism, and protects national heritage.

Bin Touq stated that through collaboration with various entities, the Committee aims to develop a legislative environment that aligns with UAE’s vision for economic diversification. This includes enhancing investment attractiveness and increasing market participation by companies.

Efforts are underway to protect intellectual property rights related to geographical indications for UAE products like dates, dairy, honey, and fish. Such measures will strengthen trade relations through mutual recognition of these indications while bolstering UAE’s reputation as a source of high-quality products.

The Economic Integration Committee continues its work towards creating a conducive legislative framework that supports innovation and economic diversification in line with national goals. By focusing on data management excellence and protecting intellectual property rights, it aims to position the UAE as a leader in new economic sectors globally.

With inputs from WAM