UAE is home to over 1.5 million trade licenses: Bin Touq

The Economic Integration Committee convened its seventh meeting for 2024, chaired by Abdulla bin Touq Al Marri, Minister of Economy.

It was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Alia Abdullah Al Mazrouei, Minister of State for Entrepreneurship, alongside representatives of local economic development departments in all seven emirates.

The meeting reviewed updates on the development of various economic legislations and their significance in enhancing the competitiveness of the national business environment, as well as the transition to the new economic model based on knowledge and innovation.

Additionally, the Committee followed up on the recommendations from the previous meeting, particularly those concerning telemarketing mechanisms and the organization of those activities to ensure consumer rights are protected, in line with the directives of the UAE Cabinet.

Bin Touq confirmed that the UAE has succeeded, thanks to the guidance of its wise leadership, in establishing its position as an ideal global destination for diverse economic activities. This has been achieved through its forward-looking vision and continuous development in line with global best practices and the adoption of flexible economic policies and advanced legislation that support innovation and keep pace with rapid shifts.

These efforts support the country's aspirations to lead globally in the development of proactive legislation for new economic sectors, in line with the targets of the ‘We the UAE 2031’ vision.

Bin Touq added that the Economic Integration Committee continues to collaborate with all relevant entities in the country to develop an advanced legislative environment that supports the UAE’s vision to diversify its national economy, enhance its attractiveness for local and foreign investments, and increase the number of companies operating in its markets. Currently, there are over 1.5 million registered trade licenses in the country.

In detail, the Committee reviewed the performance of the Ministry of Economy and the local economic development departments in the Government Data Maturity Index, in which the Ministry achieved an outstanding 95.7 percent score.

This reflects the Ministry's adherence to best practices in data management and flow, contributing to the development of a comprehensive economic database that supports the UAE's future economy agenda, aids in making strategic decisions that enhance international economic relations. It also assists in monitoring the financial performance of companies and ensures the sustainability and competitiveness of SMEs.

Furthermore, the meeting discussed a proposed initiative to support and protect the intellectual property rights of UAE products with geographical indications (GI), and to enhance their expansion and competitiveness in regional and global markets. It will safeguard the rights of Emirati producers in international markets and boost the production of local products that reflect the UAE’s identity and heritage.

Such efforts will contribute to the growth of trade relations with partners through mutual recognition of geographical indications and bolster the UAE’s global reputation as a ‘country of origin’ for high-quality products such as dates, dairy, honey, and fish.

The Committee emphasised the necessity for producers to adhere to all production standards and regulations concerning IP protection for the trademarks of GI tagged products. This will be done in coordination and cooperation with relevant authorities to facilitate licensing and ensure compliance with the set standards, thereby supporting traditional industries, encouraging tourism, and protecting national heritage.