Some agencies to be scrapped - Emirates24|7

Some agencies to be scrapped

Shihi did not elaborate on those products but said the ministry had already stopped what he described as internal blocs that had monopolized dairy, poultry and other items. (FILE)

The UAE intends to scrap local agencies of some products as part of an upgraded consumer protection law aimed at curbing price rises and preventing manipulation, the undersecretary of the ministry of economy said in remarks published on Thursday.

Mohammed Abdul Aziz Al Shihi said the amended consumer protection law could be enforced in March following its endorsement by the federal national council in January.

He said the enforcement of the new law is intended to stabilize the market, protect consumers and improve the investment climate.

“The ministry is also in the process of abolishing trade agencies for some imported products to allow suppliers to import these products directly from abroad,” he told Alkhaleej newspaper.

“This could be done this year…the move is designed to prevent manipulation practices that influence prices up or down.”

Shihi did not elaborate on those products but said the ministry had already stopped what he described as internal blocs that had monopolized dairy, poultry and other items.

“But we should note here that the increase in prices is sometimes a result of external factors as many items are imported,” he said.

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