UAE enacts law on strategic stock of commodities

By DG Staff

ABU DHABI 1 April 2020: Sultan bin Saeed Al Mansouri, Minister of Economy, said that the issuance of the Federal Law No. 3 of 2020 regarding the regulation of the strategic stock of food commodities is a strategic step that aims to reinforce the country’s food security system on a legislative level.

The law, approved by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, aims at organising the food supplies in the event of crises, emergencies and disasters, as well as achieving food sustainability.

Sultan Al Mansouri added that the issuance of the law complements the country’s efforts to counter the unconventional circumstances faced by the entire world, said Wam.

“In recent decades, the UAE’s markets have been active and prosperous and the country has become a regional and international commercial centre, due to its efficiency in providing the best local and international products to its citizens and residents. The issuance of this law today will promote cooperation and integration among relevant authorities concerned with food security, amidst the exceptional circumstances we are witnessing,” he said.

Al Mansouri noted that, as part of the law, a” Strategic Food Commodities Stock Committee” will be formed and will be assigned vital tasks, including creating a list of basic commodities, classifying registered merchants and foreign suppliers, suggesting a set of benefits and incentives, drafting policies related to the safety inventory, increasing strategic reserves of targeted commodities and creating databases of available products and food commodities.

The ministry will also cooperate with its partners in offering insurance policies and monitoring the commitment of suppliers and merchants to the law, as well as opening new channels of cooperation with partner countries that supply commodities.

The ministry is drafting the registry of merchants and suppliers, which will be released soon, he said conclusion.



Food, medicines, essentials in safe hands: Mohamed