Executive bylaw draft of foreign trade law approved

The cabinet agreed upon a draft of executive bylaw of law No. 16 for 2007 on the issue of foreign trade on Tuesday.

In its weekly meeting chaired by Premier Ali Mujawar, the cabinet ordered the Ministry of Legal Affairs to complete the legal procedures to issue the bylaw.

The bylaw aims to define the responsibilities of the Ministry of Trade and Industry, focusing primarily upon the supervision of foreign trade and development it in order to serve the economic and social development goals of Yemen. It also focuses on achieving the equation within commercial balance, the elevation and development of non-oil exports and unilateral contribution to local production. The bylaw also deals with many objectives consistent with the principle of free trade, competition, marketing mechanisms and the prevention of monopolies.

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