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Gulf industrial law issued
ABU DHABI — The President His Highness Shaikh Khalifa bin Zayed Al Nahyan has issued a federal decree endorsing the GCC law on the unified industrial regulation system.
The 33- article legislation is aimed at increasing the share of the industrial sector in GDP and bolstering the GCC base for economic integration by boosting the existing production capacity or building new lines.
The law calls for better use of local inputs, introduction of appropriate technology and adapting it to local environment and training and recruitment of national manpower.
It also stressed the need for adoption of GCC policy towards industrialisation and meeting requirements of economic development plans. The law also dealt with issues concerning prospects of local consumption and export, conservation of the environment, public health, safety and order as well as traditions.
According to the law, conformity with standards, criteria and mechanism approved by the World Trade Organisation (WTO) on trade exchange and increase of exports should also be observed.
Shaikh Khalifa also issued a federal decree on the agreement between the UAE and the International Finance Corporation (IFC) for setting up a regional office in Dubai to cater for its operations in the Middle East and North Africa (MENA).
In another decree, the President endorsed an agreement between the UAE and Singapore for economic, trade and technical cooperation. The accord called for enhancement of joint cooperation in trade, industry, investment, transport, logistics, development of infrastructure, education, health, tourism, oil and gas.
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