Ministry of Economy facilitates forum to explore the importance of the ‘Trade through Modern Technology Law’

He Ministry of Economy organized a forum titled “Trade through modern technological means: beyond digital trade”, attended by Abdullah bin Touq Al Marri, Minister of Economy, and key officials, executives and representatives of 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 trade through modern technological means, with the aim of positioning the UAE as a global center for the new economy. Minister Al Marri He 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, founding partner of Al Tamimi and Company, He highlighted the importance of the business community being aware of the new UAE law that regulates trade through modern technology. In collaboration with the Ministry of Economy, The goal is to clarify the broad scope of the law, extending beyond traditional e-commerce to various technological avenues that facilitate interactions between consumers and sellers. Al Tamimi He highlighted the main objective of the law to strengthen commercial and investment activities within the United Arab Emirates.

International data and analytics company Lexus Nixis, with experience in legal and business data analysis, emphasized his commitment to revolutionizing clients’ business strategies through innovative analytical and decision-making instruments. His approach leverages machine learning, natural language processing, visualization and artificial intelligence, powered by a global news and legal database.

The four sessions of the forum addressed the rise of digital trade, the legal framework, trade through modern technological means and the opportunities and challenges for SMEs. Discussions covered topics such as data protection, consumer rights, digital payment gateways, logistics services, cybersecurity measures and the alignment of the new law with global standards for digital commerce. Throughout the sessions, the UAE’s commitment to international rules and agreements was emphasized, along with a focus on implementing new technologies to regulate trade effectively.

The UAE law, implemented last year, incorporates various mechanisms to safeguard consumers, fostering an enabling environment for modern technology-based commerce. It aims to create a favorable business 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 Digital Government and Telecommunications Regulatory Authority, to regulate digital commerce in a secure manner, covering both financial and non-financial free zones. Emphasizing safe 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 vital role in facilitating efficient, profitable and stable digital commerce in the UAE.

News source: Emirates News Agency