The United Arab Emirates has officially joined the International Competition Network (ICN), represented by the Ministry of Economy and Tourism. This significant move aims to enhance the country’s integration into the global competitive landscape and leverage advanced practices and expertise in policy formulation and enforcement. By joining the International Competition Network, the UAE not only underscores its commitment to fostering international and regional cooperation in competition law but also highlights its active partnerships with global economic organizations to promote market governance and prevent monopolistic practices.
Strengthening Global Competitiveness
This initiative reflects the UAE’s ongoing efforts to develop legislation and policies concerning competition protection and regulation. Recently, the issuance of Federal Decree Law No. 36 of 2023 on Competition Regulation has provided a proactive and flexible framework aimed at ensuring market fairness and preventing monopolistic practices. The decisions taken by the Cabinet regarding the ratios and controls related to the application of competition laws further reinforce this commitment.
Commitment to Transparency and Fairness
Safiyeh Al-Safi, Assistant Undersecretary for the Commercial Governance and Control Sector at the Ministry of Economy and Tourism, emphasized that the UAE’s accession to the International Competition Network represents a crucial step that reflects the ministry’s dedication to enhancing principles of transparency, fairness, and competitiveness within the national economy. She stated, “The ministry is keen on fostering international cooperation, exchanging expertise, and implementing best global practices in competition legislation.” This dedication aligns with the nation’s vision to create a fair and innovative business environment that supports sustainable growth.
Enhancing Economic Collaboration
Joining the International Competition Network solidifies the UAE’s presence within global economic cooperation frameworks. Through engagement with various regional and international competition networks, the UAE aims to enhance knowledge-sharing and contribute to the development of regulatory frameworks that align with international standards. This, in turn, establishes the UAE as a key player in shaping the future of global competition policies and underscores its leadership in building an integrated economic model focused on governance, innovation, and sustainability.
Boosting a Competitive Economy
The UAE’s membership is anticipated to bolster efforts toward a more competitive economy centered on innovation and productivity. This initiative will empower small and medium enterprises, attract quality investments, and stimulate fair competition that improves product and service quality, thereby benefiting consumers and broadening their options. It is expected that these efforts will enhance national market efficiency, strengthen resilience against anti-competitive practices, and support the stability of the business environment, propelling sustainable economic growth.
The International Competition Network serves as a global platform for coordinating policies and sharing insights among competition authorities from various countries. It provides ample opportunities for institutional and technical capacity development and facilitates participation in working groups addressing specialized topics, including merger surveillance, abuse of market power, and restrictive competition practices. With this membership, the Ministry of Economy and Tourism aims to strengthen its partnerships with prominent international institutions, allowing for knowledge exchange and the advancement of national competencies through training and technical cooperation, thereby enhancing the country’s readiness in market governance.