DMCC and UAE’s Ministry of Economy sign treaty to administer rough trade
DMCC and UAE’s Ministry of Economy to oversee the rough trade signed a covenant. Emirates News Agency delineated on December, 28 that the Dubai Multi-Commodities Center along with the Ministry of Economy of the United Arab Emirates mutually agreed to improve management and synchronization to supervise the state’s rough diamond trade that is lined with the KP Certification Scheme.
The Ministry of Economy of the UAE in the corporation of the DMCC (the Dubai Multi-Commodities Centre) agreed to administer the nation’s rough diamond trade, thus, both signed a treaty as per the statement of the Emirates News Agency on December 28, 2015. Both the organizations now supervise the rough diamond trade that is in the course of the KP's (Kimberley Process) Certification Scheme under the MOU (memorandum of understanding) agreement. Both the parties, i.e., the Ministry of Economy of UAE and the DMCC at the time of signing the MOU agreed on the UAE’s chairmanship of the Kimberly Process on January 1, 2016. The agency reported in the statement that the pact mandates both the parties to form a KP (Kimberly Process) committee to vouchsafe the procedures needed by the KP. Further, this is done to build up the new programs related to the scheme as well as to find answers to impediments. Abdullah bin Ahmed Al Saleh, in the principal assistant of the Ministry of Economy of Foreign Trade and Industry along with the chief executive of the DMCC, Ahmed bin Sulayem signed the pact in addition to the 2016’s Kimberley Process chair. The primary purpose of this arrangement is to keep diamonds free to be employed in the finance civil war out of the worldwide trade.