ABU DHABI 22 May 2017: Sultan bin Saeed Al Mansouri, Minister of Economy, has said that the issuance of Federal Law No. 01 of 2017 on anti-dumping actions and countervailing and preventive measures is another pioneering step towards the development of the legislative and regulatory framework of the UAE’s economic environment that enhances the nation’s economic competitiveness, particularly in the industrial and foreign trade sectors.
He added that the issuance of the law gave the concerned authorities in the country, especially the Ministry of Economy, the legislative authority to protect the national industries and local businesses and markets by allowing the government to impose duties on products it believes are being “dumped” in the UAE’s national market.
The law also allows the government to impose countervailing duties to counteract artificially low prices that are a result of subsidies, through mechanisms and foreign trade agreements compatible within the frameworks of the World Trade Organisation, said Wam.
The Minister explained that the procedures stipulated in the provisions of the law would establish the foundations of fair trade competition in the local markets and prevent the products that are dumped, subsidised or increased imports harm the national industry by acquiring illegal advantage within the framework of the multilateral trading system.
This then strengthens investor confidence in the industrial sector, and increases the UAE’s economic competitiveness, growth and access to foreign markets, he added.
By Angel Chan