The Ministry of Economy on Thursday organised a forum titled, ‘Trade through Modern Technological Means: Beyond Digital Trade’, in the presence of Abdullah Bin Touq Al Marri, Minister of Economy; Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, a number of officials, chief executives, and representatives of the Telecommunications and Digital Government Regulatory Authority, Economic Development Departments, and Chambers of Commerce.

The event, which was held in collaboration with Al Tamimi & Company, and Lexus Nixis Global, was also attended by several government and private sector institutions, and experts from UNCITRAL.

The Forum discussed recent developments in the economic legislation landscape of the country following the issuance of ‘Federal Decree-Law No. 14 of 2023 on trading by modern technological means’ at the end of last year. This decree-law is designed to strengthen economic policies supportive of the national economy and ensure the provision of top-tier services to both traders and consumers.

Bin Touq said, “The promulgation of the Trade Law through modern technology means marks a qualitative shift towards positioning the UAE as a global hub for the new economy. Through this legislation, the country has set a precedent on the international stage by instituting comprehensive laws governing trade through modern technological means, encompassing e-commerce, digital commerce, and beyond.”

He added, “The law establishes an integrated legislative framework to foster the development of legislative and regulatory environments for all forms of trade enabled by technology. This is in line with the UAE’s objective of leading the world in proactive legislation for emerging economic sectors by the next decade, in accordance with the vision of ‘We the UAE 2031’, thus solidifying the country’s status as a leader in the knowledge and innovation economy.”

Bin Touq emphasised that the new law supports the preparedness of the country’s economic legislative structure to attract further national and foreign direct investment. “It aims to diversify business activities, ensure the delivery of the best services to traders and consumers, increase employment opportunities in the country, and keep pace with trends in advanced technology. This accordingly will support the UAE’s advancement in global competitiveness metrics like the Global Competitiveness Report and ease of doing business. Moreover, it will accelerate the digital transformation of the economy and enhance the UAE’s position as a hub for business activities in the areas of modern technology and technology,” Bin Touq added.

Bin Touq noted that the Forum is a great opportunity to raise awareness about the significance of utilising modern technology in the trade sector, especially artificial intelligence, which is emerging as a burgeoning sector. The event also served as a vital platform to foster dialogue with the business community, various stakeholders, companies, experts, and specialists as well as integrate the law into its appropriate executive framework, strengthening the UAE’s position on the regional and global digital trade map and reaffirming its status as the epicenter of the new economy.

Isam Al Tamimi, a member and founding partner of Al Tamimi and Company, said, “It is important that the business community is aware of the new UAE law regulating trade through modern technology and how it will affect it. With our collaboration with the Ministry of Economy, we aim to clarify the axes of the new law, as it is broader than traditional electronic commerce and extends to various technological avenues facilitating interactions between consumers and sellers. Its primary objective is to bolster business and investment activities within the UAE.”

Meanwhile, Lexus Nixis International Data and Analysis Company, which has 10,500 customer service employees in more than 150 countries, said, “Our task forces combine legal and business data with distinctive analyses and methodologies, aiming to revolutionise the business strategies of our clients. We provide them with innovative decision-making and analytical instruments leveraging automated learning, natural language processing, visualisation, and artificial intelligence. These are powered by our expansive global legal and news database, recently scrutinised in various company studies and analyses. Furthermore, we conduct exhaustive assessments of emerging laws, furnishing Lexus Nexus and other AI and tech enterprises with robust legal assurances and pathways.”

Emphasising the significance of commerce through modern means of technology, UNCITRAL Experts said, “This is achieved by creating a secure and lawful environment that prioritises data protection, consumer rights, and the safety of digital payment systems. The UAE has set a precedent internationally with its registration law concerning commerce through modern means of technology.” The commission extended an invitation to the UAE to attend its upcoming session and review the new legislation.

The Forum featured four sessions that focused on the rise of digital commerce from e-commerce, commerce through modern means of technology, the opportunities and challenges faced by SMEs, and the legal framework governing these aspects through legislation in light of the new law.