UAE Cabinet resolution to liberalise essential commodities trade to contribute to market stability, says Al Mansoori

Abu Dhabi, Jan 23, 2012 (WAM) - The decision of the UAE Cabinet, chaired by Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, to liberalise the trade of 12 essential commodities will contribute to market stability and further enhance customer rights, Eng. Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy said. Applauding the decision, he said "the 12 items that are being liberalised include livestock and dairy products, fats and oils, honey, eggs, fruit juices, salt, yeast, animal feed, detergents and hygiene products, among others." Al Mansouri said the move will further strengthen the competitiveness of the UAE economy by curbing monopoly practices and ensuring the timely supply of goods and services for consumers on a timely basis without any unjustified price rise. He added that dealing with the increase in price of essential commodities is a top priority for the Ministry. "We will work in co-operation with various retail outlets to launch initiatives that will help reduce prices. We have received suggestions for reducing prices of about 1,000 items this year." He added that an electronic system is leveraged to monitor price movements to ensure stability by monitoring the commodity market trends regionally and globally, apart from providing timely information on all related aspects to take timely and appropriate decisions.