The UAE joins the “Memorandum of Understanding for the Brexes on Competition”

The UAE joined the “Memorandum of Understanding for the BRICS countries on competition”, during the participation of the state delegation in the meeting of the competition bodies of the “Brexes” countries hosted by South Africa, recently, as the memo aims to enhance international cooperation in the areas of competition, enhance the mechanisms of combating monopolistic practices, exchange experiences and knowledge, and develop effective policies in this vital field.

The assistant undersecretary for the supervisory and commercial governance sector at the Ministry of Economy and Tourism, Safia Al -Safi, stressed that “joining the memorandum of understanding concluded between competition bodies in the BRIX countries, represents an important step towards enhancing international cooperation in this vital field, exchanging experiences and best practices in applying and enforcing competition laws, and building more transparent and dynamic markets, which contributes to achieving sustainable economic development between countries.”

She pointed out that this step reflects the ministry’s keenness to develop a business environment based on transparency and fair competitiveness, in order to support the UAE’s position as a leading global destination for investment and business, and enhances its active contribution to the formulation of global economic policies.

The UAE also participated in the work of the ninth international conference to compete for the “Brexes” countries for the year 2025, the 19th annual conference of the Competition, Economy and Politics Law, which witnessed a wide participation of the heads and representatives of competition bodies in the group member states, and a number of experts, specialists and academics.

Participation came within the framework of the state’s keenness to enhance its presence in international economic forums, and to affirm its commitment to support global efforts to develop competition policies and combat monopolistic practices, in a way that contributes to achieving sustainable economic growth, and keeps pace with the transformations witnessed by the global economy.

The events witnessed wide discussions on the most prominent current economic challenges related to the application of competition in the countries of the Brex Group, where the participants focused on the relationship between competition, sustainability, trade and investment, and the sessions also dealt with the repercussions of the rapid economic transformations in digital markets and artificial intelligence technologies, the importance of developing legislation capable of keeping pace with these developments, and ensuring fair competition.