Abu dhabi: The UAE, represented by the Ministry of Economy and Tourism, has joined the International Competition Network (ICN), marking a strategic step towards strengthening its integration into the global competition framework. This move is aimed at leveraging the latest expertise and advanced practices in competition policy and enforcement.
According to Emirates News Agency, the UAE's decision to join the ICN underscores its pioneering role in fostering regional and international cooperation on competition. The country is building effective partnerships with global economic organizations to enhance market governance and prevent monopolistic practices. The ICN comprises 140 competition authorities and regulatory bodies worldwide.
The UAE's accession to the ICN aligns with national efforts to develop a robust ecosystem of legislation and policies for protecting and regulating competition. This includes Federal Decree-Law No. 36 of 2023 on the Regulation of Competition, which established a flexible framework to ensure market fairness and prevent monopolistic practices, along with the Cabinet's decision regarding ratios and controls for implementing the Competition Regulation Law.
Safeya Al Safi, Assistant Undersecretary for the Commercial Control and Governance Sector at the Ministry of Economy and Tourism, stated that the UAE's accession to the ICN is a significant step reflecting the Ministry's commitment to enhancing transparency, fairness, and competitiveness within the national economy. She emphasized the UAE's dedication to strengthening international cooperation, sharing expertise, and implementing global best practices in competition legislation enforcement.
Al Safi highlighted that joining the ICN cements the UAE's presence in the international economic landscape, enabling collaboration with regional and global competition networks. This membership enhances the exchange of expertise and contributes to developing regulatory frameworks aligned with international standards. It also positions the UAE as a key player in shaping global competition policies and affirms its leadership in building an economic model based on governance, innovation, and sustainability.
The ICN membership supports the UAE's efforts to create a competitive, innovation-driven economy by empowering SMEs, attracting quality investments, and stimulating fair competition. This enhances product and service quality, contributes to consumer protection, and expands consumer choice, ultimately improving national market efficiency and addressing anti-competitive practices.
As a global platform for policy coordination and expertise exchange among competition authorities, the ICN offers opportunities for developing institutional and technical capabilities. It provides participation in working groups on specialized topics such as merger control, market dominance abuse, anti-competitive agreements, and raising awareness about fair market policies.
As an ICN member, the Ministry of Economy and Tourism will strengthen partnerships with leading international bodies, facilitating knowledge exchange and developing national competencies through training and technical cooperation programs. This will bolster the UAE's readiness in market governance.