The UAE economy minister discussed key challenges faced by retail sector and urged leading players to uphold their social responsibility by launching initiatives to cut prices of essential goods in the country.

Speaking at a meeting with officials of leading retail outlets in the emirate, Sultan Bin Saeed Al Mansoori said key measures had to be implemented to strengthen market stability.

Al Mansoori lauded the cooperation and efforts of the retail outlets in supporting the Ministry's strategy as well as the recommendations of the Supreme Committee for Consumer Protection in reducing the price of essential commodities.

He pointed out that the initiatives launched by retail outlets in the UAE in co-ordination with the Ministry of Economy, is an ideal model that generated a positive impact on the performance of consumer markets and received wide attention from Gulf countries.

Al Mansoori said his ministry was committed to strengthen the framework for communication and dialogue with all retail outlets in the UAE.

'During Ramadan the retail outlets have demonstrated that they have the resolve and commitment to reduce prices of essential goods in addition to launching marketing initiatives that contributed to enhancing the purchasing power of customers,' he stated.

The Minister also reiterated the importance of co-ordination between the ministry, the government, the retail outlets and consumers to be prepared for any variables that may affect customer prices and market stability.

He called for close monitoring of international prices of consumer goods, and underscored the importance of  an electronic system for goods monitoring, which was launched by the Ministry recently.-TradeArabia News Service