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DEC, US delegation share experiences on commercial laws

DUBAI – The Dubai Economic Council, or DEC, and the delegates of the Commercial Law Development Program, or CLDP, of the US Department of Commerce exchanged technical experience in commercial laws domain that cope with the best practices worldwide.

DEC Secretary General Hani Al Hamli said that the meeting is a result of coordination between Legal Affairs and Research Center, or LARC, the operational arm of the DEC’s Secretariat and CLDP to enhance the cooperation in improving commercial laws and legislations particularly those are currently applied in both federal and local levels in the UAE.

“Improving legal infrastructure in terms of governance and transparency secures sustainable economic growth,” Al Hamli said.

LARC is actively participating in improving legal policies and strategies in addition to proposing recommendation relating to legal reforms through advice forwarded to the Government of Dubai. “To realise this aim, LARC is currently involved to study a package of local and federal laws and regulations that have direct and indirect impacts on Dubai and UAE economy, such as Federal Arbitration Law, Federal Company Law, Federal Competition Law, Intellectual Property Rights Law, and the like,” he said.

In terms of the role of legislations in the economy, Al Hamli asserted that the aim of increasing the growth rate and enhancing the competitive advantage of any country rely on the availability of enhanced legal and regulatory environment that induces labour, entrepreneurship, productivity and innovation.

He mentioned that the most important sub-indicators of global competitiveness is the legal laws which include a number of rules and regulations covering various areas such as openness, investment incentives, subsidies, and doing business.

“Additionally, the competitiveness relies on labour legislations such as those relating to the unemployment and immigration.”

abdulbasit@khaleejtimes.com