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FINANCIAL NEWS
UAE to liberalize trade to better competitiveness
23 Jan 2012
(MENAFN) UAE government decided to liberalize trade in 12 commodities to tackle high food prices, the state news agency WAM reported.
Economy Minister Sultan bin Saeed Al Mansouri said that the items that are being liberalized include livestock and dairy products, fats and oils, honey, eggs, fruit juices, salt, yeast, animal feed, detergents and hygiene products.
The decision was aimed at bettering the competitiveness of the UAE economy by curbing monopolistic practices and avoiding unjustified price rises, Al Mansouri said.
In June, UAE fixed the cost of about 400 foodstuffs and household products at 70 outlets.
It is worth mentioning that the rising costs of living, including food prices, helped fuel protests that toppled the rulers of Tunisia and Egypt early last year.
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