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Ministry of Economy ,Umm Al Qaiwain Department of Economic Development sign MoU
05 July 2010
Ministry of Economy has signed a memorandum of understanding (MoU) with Umm Al Qaiwain Department of Economic Development to organise ,unify and develop trade monitoring procedures in the emirate.
The MoU was inked by the Director General of Ministry of Economy, Mohammed Ahmed bin Abdul Aziz Al Shihi, and the Director General of Umm Al Qaiwain Department of Economic Development,Eissa Musabbah Al Fardh .
The MoU was inked in the sidelines of the first economic development policies conference which was held by Ministry of Economy in the Emirate Palace last Wednesday.
The agreement underlines the general framework for cooperation between the two sides in the field of commercial protection through coordination in the technical, technological, legal, procedural and training aspects.
Al Shihi said that the MoU aims at integrating and developing the monitoring procedures of practicing economic activities in Umm Al Qaiwain. The action was taken to benefit from the available potentials of both parties which represented in the human resources, technological and technical equipments as well as the scientific expertise to observe provisions of commercial protection laws.
He added that this step will provide a legal competitive environment serving the interest of the national economy, indicating that monitoring the commercial markets will lead to protecting the society and the national economy, encourage investment and boost investors' confidence in Umm Al Qaiwain's markets.
The two sides also agreed on the importance of exchanging data ,documents and publications regarding trade protection in addition to setting up a unified database which includes all relevant data, information and documents.
The two bodies will cooperate in launching awareness programmes to educate the public and investors commercial laws and their rights.