An Egyptian Emirati cooperation in the field of competition and combating monopolistic practices
Abu Dhabi, May 5 / WAM / The Ministry of Economy in the United Arab Emirates signed a memorandum of understanding with the Competition Protection and Monopathic Protection Agency in the Arab Republic of Egypt, with the aim of supporting bilateral cooperation in the areas of competition protection and combating monopolistic practices, in a way that establishes a fair commercial environment and enhances sustainable economic development in the two countries, on the sidelines of the annual conference of the Competition Protection Agency held in Egypt.
The memo was signed on the Emirati side, His Excellency Safia Hashem Al -Safi, Assistant Undersecretary of the Ministry of Oversight and Commercial Governance in the Ministry of Economy, while it was signed by the Egyptian side, Dr. Mahmoud Mumtaz, head of the competition protection agency.
His Excellency Safia Al -Safi stressed that the signing of the memo embodies the Ministry of Economy’s keenness to expand its regional and international partnerships in the field of competition, noting that cooperation with the Egyptian side will support efforts to achieve more transparent markets, enhance investor confidence and serve the interests of consumers in both brotherly countries.
Her Excellency explained that the memo represents an effective framework for enhancing institutional cooperation between the two sides in the field of competition protection, and contributes to the development of relevant policies and procedures, which reflects positively on the business environment in the two countries, and enhances their ability to face the challenges related to monopolistic practices, and support sustainable economic development efforts.
The memo, which extends for four years, is automatically renewable, to cooperate in several axes that include exchanging experiences, knowledge and best practices, organizing training programs and joint workshops, and exchange of information and specialized studies, as well as developing capabilities in the areas of examination of economic concentration and investigating monopolistic violations.
The memorandum also allows the two parties to benefit from the Center for the United Nations Trade and Development Conference (UNCTAD) for training to protect competition for the Middle East and Africa, based in Cairo.
It is noteworthy that the signing of the Memorandum of Understanding comes within the framework of the growing brotherly relations between the UAE and the Arab Republic of Egypt, and supports joint efforts to enhance Arab economic integration, in line with the vision of “We Emirates 2031” by building an open and sustainable competitive economy, and Egypt’s 2030 vision aimed at building a competitive and varied economy based on knowledge.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and
