Government

The Ministry of Economic situation has highlighted its commitment to raising the understanding of the UAE's economic sector pertaining to the most up to lates policies, regulations and management procedures taken on by the global community and trading partners. With this, the Ministry intends to develop a new and integrated expectation on global markets comprehensive of their current difficulties and chances.

This supports the statement set by the European Union (EU) regarding competent authorities, in addition to the European Parliament, the Council of the European Union, and the European Payment, to protect public data and impose the General Data Protection Regulation (GDPR) by May 2018.

H.E. Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade at the Ministry of Economy, noted that the policy provided by the EU intends to shield the data of every person in the EU. This does not only impact the business operating in European nations, but consists of all institutions and firms that carry out business, trade and investment activities within EU nations, consisting of the UAE business field related to European trade relationships. Due to this, the Ministry is working on deepening its knowledge about the new legislation, its arrangements and requirements, and intends to resolve its functional treatments with European authorities, in adherence with the framework of the GDPR, before May 2018.

Al Kait emphasized the EU is just one of the UAE's most important trade partners. Trade in between both sides created USD 65.8 billion in 2016 alone. The UAE has actually become one of the top 10 locations for EU exports, and is the home of over 41,000 European companies, along with over 121,000 EU residents.

The legislation outlines out a non-compliance fine of as much as 4% of a company's yearly turn over, and EUR 20 million as the optimum fine for more significant offenses, consisting of failing to achieve customer permission when processing data, or the infraction of personal privacy. Charges are likewise related to information controllers and cpus, consisting of cloud software application firms. The brand-new legislation additionally details terms of approval for using data, to stop business from using legally invalid terms, and provides both events the capability to quickly withdraw if wanted.

For more info, please go to:
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016R0679

• Tags
• #Business
• #Magazine
• #Lifestyle