The Ministry of Economy hosted a forum titled 'Trade through Modern Technological Means: Beyond Digital Trade', attended by Abdullah bin Touq Al Marri, the Minister of Economy, and key officials, executives, and representatives from regulatory authorities and business sectors.
The forum, held in collaboration with Al Tamimi & Company and Lexus Nixis Global, discussed the impact of the recently enacted Federal Decree-Law No. 14 of 2023 on trading through modern technological means, aiming to position the UAE as a global hub for the new economy. Minister Al Marri emphasized that the legislation creates a comprehensive framework to support technological trade, fostering economic growth, attracting investments, and accelerating the country's digital transformation. The forum served as a crucial platform to raise awareness, engage with stakeholders, and integrate the new law into its executive framework, solidifying the UAE's position in the global digital trade landscape.
Isam Al Tamimi, a founding partner of Al Tamimi and Company, stressed the importance of the business community's awareness of the new UAE law regulating trade through modern technology. In collaboration with the Ministry of Economy, the aim is to clarify the broad scope of the law, extending beyond traditional electronic commerce to various technological avenues facilitating interactions between consumers and sellers. Al Tamimi highlighted the law's primary objective of bolstering business and investment activities within the UAE.
Lexus Nixis International Data and Analysis Company, with expertise in legal and business data analysis, emphasized its commitment to revolutionizing clients' business strategies through innovative decision-making and analytical instruments. Their approach leverages automated learning, natural language processing, visualization, and artificial intelligence, powered by a global legal and news database.
The forum's four sessions addressed the rise of digital commerce, the legal framework, trade through modern means of technology, and opportunities and challenges for SMEs. Discussions encompassed topics such as data protection, consumer rights, digital payment gateways, logistics services, cybersecurity measures, and aligning the new law with global standards for digital commerce. The UAE's commitment to international standards and agreements, coupled with a focus on implementing new technologies to regulate trade effectively, was emphasized throughout the sessions.
The UAE law, implemented last year, incorporates diverse mechanisms to safeguard consumers, fostering a conducive environment for modern technology-based trade. It aims to create a favorable commerce environment, integrating federal and local authorities through flexible legislation to ensure effective participation and sustainability. The law empowers authorities, including the Central Bank, the Federal Tax Authority, and the Telecommunications and Digital Government Regulatory Authority, to regulate digital trade securely, encompassing both financial and non-financial free zones. Emphasizing secure online shopping, the law protects consumer interests, combats commercial fraud, and safeguards intellectual property, adhering to international guidelines and standards for B2B and B2C transactions. Overall, the law plays a pivotal role in facilitating efficient, cost-effective, and stable digital commerce in the UAE.
News Source: Emirates News Agency
