UAE introduces new regulations for the ecommerce industryThu 07 Dec 2023
The objective of the new legislation is to promote the expansion of digital commerce.
The Ministry of Economy held a media briefing on Wednesday to introduce the Federal Decree-Law No. 14 of 2023 on Commerce through Modern Means of Technology (e-commerce) in line with the country’s strategic direction for digital transformation. The law aims to stimulate the growth of trade conducted through the means of advanced technologies and the development of smart infrastructure in the country. It supports the UAE’s attractiveness to investments and contributes to enhancing the country’s leadership as a global business and trade hub.
Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, emphasised that the UAE is steadily transitioning to a new economic model that has resilience, innovation and entrepreneurial thinking as its key pillars. Moreover, the country boasts a competitive and flexible economic legislative environment at the regional and global levels, and offers an attractive business climate for entrepreneurs, investors and entrepreneurs from around the world.
In his speech during the briefing, the Undersecretary said: “Today, we are witnessing a new milestone in the country’s efforts to achieve sustainable economic and social development through the promulgation of the new law for e-commerce. The law forms part of the integrated legislative updates undertaken by the UAE government to accelerate the transition towards a new economic model and achieve higher levels of competitiveness for the country’s business and trade environment.”
He continued: “The new law is an integrated framework for the development of the legislative and regulatory environment for trade conducted via modern technical means in the country, in line with global best practices in this regard. It will help our efforts to achieve the national target of raising the UAE’s position to the number one ranking globally in the development of proactive legislation governing new economic sectors, in the light of the ‘We the UAE 2031’ vision.”
The Ministry of Economy worked alongside its federal and local stakeholders and in partnership with the private sector and relevant experts to develop the articles of the law in a forward-looking and flexible manner. This supports the sustainability of the national economy and enhances its competitiveness, in the light of the principles of the 50 and the UAE Centennial 2071.
Furthermore, he explained that the new law is particularly important as it is the main federal legislation governing e-commerce in the UAE. It has been designed to enhance the business environment in the country by facilitating the conduct of business and contracting; enhancing its efficiency; reducing the cost of doing business; and enhancing stability.
The law also ensures the establishment of a dynamic and fertile investment environment that encourages domestic and foreign investment by raising investor confidence in it. It further supports the country’s trade aspirations and enhances its position on the global trade landscape by achieving better compatibility with international trade requirements, keeping abreast of best practices in business transactions and ensuring transparency.
During the media briefing, Al Saleh highlighted the provisions and outputs of the law that affirm the UAE’s vision for the sector. These include: The new law is compatible with international digital commerce trends and adopts a flexible approach to legislation to streamline businesses and facilitate services for consumers in the country.
Emphasizes the key role of entities and authorities responsible for licensing and regulating e-commerce, as well as the associated logistic services and digital payment gateways.
Does not impose new requirements on digital traders or providers of other services.
Protects consumer interests, both in terms of safeguarding intellectual property rights regarding the purchase of goods or services through modern technology means, and the provision of sufficient technological protection measures to enable consumers to safely purchase goods and services, as well as regulating the refund and exchange of goods and services.
Legally authorizes trade conducted through modern technology means, making it similar to trade conducted through traditional methods and conventional procedures.
Provides optional jurisdictions for dispute resolution including arbitration and introduces the optional insurance coverage principle regarding obligations arising from trade through modern technological means.
Integrates roles of federal and local entities involved in the entire e-commerce value chain, enabled by flexible legislation for those entities, starting from the requirements of the Central Bank on digital payment gateways, followed by the requirements of the Federal Tax Authority and the TDRA, in addition to the security requirements of federal and local entities regarding cybersecurity.
Source – Agencies
Source – Agencies
UAE ecommerce regulations is about the new UAE ecommerce regulations #UAE #ecommerce #regulations