According to WAM, the official news agency of the United Arab Emirates (UAE), Sultan bin Saeed Al Mansouri, UAE Minister of Economy, has stated that the issuance of the recently approved Federal Law No. 01 of 2017 regarding antidumping (AD) and countervailing measures is a pioneering step towards the development of the legislative and regulatory framework of the UAE's economic environment that enhances the nation's economic competitiveness, particularly in the industrial and foreign trade sectors.
According to Mr. Al Mansouri, the issuance of the law gave the concerned authorities in the country the legislative authority to protect the domestic products and businesses by allowing the government to impose antidumping (AD) and countervailing duties (CVD) on dumped and subsidized products.
The federal law was first approved in January this year by the Federal National Council (FNC) of the UAE.