The World Trade Organisation (WTO) yesterday urged the UAE to liberalise its foreign investment regime and scrap laws that give local companies a monopoly in the sale and distribution of foreign branded goods.
In a statement following the conclusion of the UAE's second Trade Policy Review (TPR) with the WTO — six years after the first review in 2006 — WTO officials stressed that changes to the Commercial Companies and Commercial Agencies Law were still needed.
"They [WTO members] encouraged the UAE to speed up the promulgation of its new law on the liberalisation of foreign investment and modernise the business environment," said Eduardo Munoz, the chairman of the WTO's Trade Policy Review Body.
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