The Ministry of Economy organized a forum titled ‘Trade through Modern Technological Means: Beyond Digital Trade’ on Thursday.
Minister of Economy Abdulla bin Touq Al Marri and Undersecretary of the Ministry of Economy Abdullah Ahmed Al Saleh were among the key attendees, along with a number of officials, CEOs, and representatives of the Telecommunications and Digital Government Regulatory Authority, Economic Development Departments, and Chambers of Commerce.
The forum discussed recent developments in the economic legislation landscape of the country following the issuance of ‘Federal Decree-Law No. 14 of 2023 on trading by modern technological means’ at the end of last year. The decree-law is designed to strengthen economic policies supportive of the national economy and ensure the provision of top-tier services to both traders and consumers.
“The promulgation of the trade law through modern technology means marks a qualitative shift towards positioning the UAE as a global hub for the new economy. Through this legislation, the country has set a precedent on the international stage by instituting comprehensive laws governing trade through modern technological means, encompassing eCommerce, digital commerce, and beyond,” the minister said.
“The law establishes an integrated legislative framework to foster the development of legislative and regulatory environments for all forms of trade enabled by technology. This is in line with the UAE’s objective of leading the world in proactive legislation for emerging economic sectors by the next decade, in accordance with the vision of ‘We the UAE 2031’, thus solidifying the country’s status as a leader in the knowledge and innovation economy,” he added.
Attracting foreign investment
The minister emphasized that the new law supports the preparedness of the country’s economic legislative structure to attract further national and foreign direct investment.
“It aims to diversify business activities, ensure the delivery of the best services to traders and consumers, increase employment opportunities in the country, and keep pace with trends in advanced technology. This accordingly will support the UAE’s advancement in global competitiveness metrics like the Global Competitiveness Report and ease of doing business. Moreover, it will accelerate the digital transformation of the economy and enhance the UAE’s position as a hub for business activities in the areas of modern technology and technology,” the minister said.
He noted that the forum is a great opportunity to raise awareness about the significance of utilizing modern technology in the trade sector, especially artificial intelligence, which is emerging as a burgeoning sector.
The event also served as a vital platform to foster dialogue with the business community, various stakeholders, companies, experts, and specialists as well as integrate the law into its appropriate executive framework, strengthening the UAE’s position on the regional and global digital trade map and reaffirming its status as the epicenter of the new economy.
Advancements of digital commerce
The forum featured four sessions that focused on the rise of digital commerce from eCommerce, commerce through modern means of technology, the opportunities and challenges faced by SMEs, and the legal framework governing these aspects through legislation in light of the new law.
The discussions also included topics such as data protection mechanisms, consumer rights, digital payment gateways, logistics services, cybersecurity measures, and the role of digital infrastructure in facilitating trade activities through means of modern technologies. Additionally, there was a discussion of aligning the new law with global standards for digital commerce.
For more news on economy, click here.
