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Khalifa endorses GCC unified industrial law

posted on 13/08/2005: 852 views

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan yesterday issued a Federal Decree endorsing a law on a unified system of industrial regulation in the GCC countries. The 33-article legislation is aimed at increasing the contribution of the industrial sector to the country's gross domestic product (GDP) and will also create a base for the economic integration and prosperity of the GCC countries.

It is expected to give a fillip to the country's industries, encouraging them to raise existing production capacities or build new lines. The law calls for better use of local inputs, introduction of modern technology adapted to the local industrial environment and the recruitment and training of national manpower.

It also stresses the need to adopt a GCC-wide policy on industrialisation to meet the requirements of the region's economic development plans and programmes. The law also deals with several issues concerning prospects of local consumption and exports, environmental conservation, public health, safety and order as well as traditions.

The law states that conformity with standards, criteria and mechanisms approved by the World Trade Organisation (WTO) on trade exchange and increase of exports should also be observed.

Sheikh Khalifa also issued a Federal Decree on the agreement between the UAE and the International Finance Corporation (IFC) to set up a regional office in Dubai to facilitate to its operations in the Middle East and North Africa (Mena).

In another decree, the President endorsed an agreement between the UAE and Singapore on economic, trade and technical cooperation. The agreement called for enhancement of joint cooperation in trade, industry, investment, transport, logistics, development of infrastructure, education, health, tourism, oil and gas. (The Emirates News Agency, WAM)


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