Cooperation between ESMA and Dubai Chamber to involve the private sector in reviewing legislation
Under the terms of the agreement, business groups and business councils established under the umbrella of Dubai Chamber will evaluate policies issued by ESMA and provide feedback and suggestions for improving them
The Emirates Authority for Standardization and Metrology (ESMA) and Dubai Chamber of Commerce and Industry have signed a Memorandum of Understanding (MoU), that will see the two entities collaborate, share knowledge and involve the private sector in reviewing legislation with the aim of ensuring ease of doing business.
Under the terms of the agreement, business groups and business councils established under the umbrella of Dubai Chamber will evaluate policies issued by ESMA and provide feedback and suggestions for improving them. Working groups would be formed to enhance communication between private sector companies and ESMA and update existing legislation if needed.
ESMA Director General His Excellency Abdullah Al Maeeni and His Excellency Hamad Buamim, President and CEO of Dubai Chamber signed the MoU at a recent ceremony in Dubai attended by several high-ranking officials from both entities.
H.E. Al Muaini said the agreement supports ESMA’s strategy of ensuring the steady flow and quality of products that are imported and exported to and from the UAE, and described the private sector as a cornerstone of the country’s economic competitiveness.
“We are working to engage commercial and industrial institutions – members of Dubai Chamber – and benefit from their expertise to draft legislation that supports business activity and economic growth. By bringing businesses into the conversation, we can ensure that future policies protect the interests of the private sector, traders and consumers,” said H.E. Al Maeeni
For his part, H.E. Buamim described the agreement as an important development that would strengthen public-private sector cooperation and help both entities make great strides in improving ease of doing business and removing trade barriers.
“Engaging the private sector in discussions on standards is one of the most effective ways to ensure that regulation remains conducive to business activity and economic growth. Dubai Chamber actively engages with various business groups and business councils in Dubai and these organisations play a crucial role in sharing expertise, practical recommendations and solutions that enhance economic competitiveness,” HE Buamim said.
Dubai Chamber’s President & CEO added that the agreement also provides an opportunity for public and private sector players to elevate the UAE’s position as a global business hub and achieve the country’s vision for the next 50 years.