UAE, Congo hold talks to regulate gold trade.

The Committee for Goods and Materials Subject to Import and Export Control started a three-day meeting yesterday with a delegation from the government of the Democratic Republic of Congo, to discuss the means of strengthening their cooperation in regulating the gold trade, according to the best international practices.

The meeting was headed by Talal Mohammed Al Tenaiji, Director of the Executive Office of the Committee, with the attendance of Ahmed bin Sulayem, Executive Chairman of the Dubai Multi-Commodities Centre, DMCC.

The Congolese delegation was headed by Pascal Nyembo Muyumba, Director-General of the Centre for Evaluation, Expert Analysis and Certification of Precious Minerals, CEEC.

“This meeting reflects of the efforts of the UAE and the Democratic Republic of Congo to strengthen their cooperation and partnership. We are meeting our friends from the Ministry of Minerals and Customs of Congo and other relevant institutions, with the aim of regulating the gold trade while considering the best practices, to adopt appropriate standards and mechanisms and strengthen the commercial and investment exchange between our countries,” Al Tenaiji said.

He also thanked the United Nations, UN, for supporting the initiative of the UAE and the Democratic Republic of Congo to hold this meeting, as well as for its suggestion to curb the illegal gold trade, as referenced in the Security Council Resolution No. 2293 for 2016.

The meeting, which was held in cooperation with the DMCC, included introductory presentations by representatives of several ministries and official authorities from both countries.

The Federal Customs Authority, FCA, in cooperation with the Dubai Customs, presented an introductory demonstration that focussed on the procedures to deal with gold in national customs points.

Another presentation was made by the DMCC about its mining operations and its work in the precious minerals sector.

The Congolese delegation explained their country’s regulations and procedures for exporting precious minerals, most notably gold.

The second day of the meeting witnessed a discussion on the recommended working mechanisms and an agreement on the procedures and standards to regulate the gold trade.

The meeting’s agenda also includes a field visit to the gold market and gold refinery in Dubai.

Muyumba thanked the UAE Government for hosting the meeting, which has the support of his country’s president, and discussing the means of cooperation between both countries and exchanging expertise in regulating gold exports from the Democratic Republic of Congo to the UAE while stressing that the meeting is a historic moment, as it will help to strengthen the security and stability of his country.

“We are pleased about the support of the Ministry of Foreign Affairs and International Cooperation during the final round of our strategic deliberations regarding the gold trade with representatives of the government of Congo. The DMCC aims to cooperate with all relevant UAE authorities and international partners to promote the growth of this important sector and our national economy,” bin Sulayem said.

Source: UAE Ministry of Foreign Affairs