Industry Desk: Using a plethora of excuses, an illegal syndicate in the country impedes the supply chain of essentials to the market. This body is responsible for the illogical price hike of goods. In 2012, the government formulated competition law and a competition commission has also been formed.
The main objective of the commission is to safeguard the rights of consumers.
To attain the objective of a developed nation by 2041, the government has planned to reduce the imbalance of trade competition within the country and achieve the desired growth.
The competition commission has been formed to raise awareness among the people in the market and to develop a fair commercial environment.
The law also talks about developing a technology based commission to implement this law.
The competition commission has been formed with three targets: 1. Ensure a fair trade environment in the country, 2. Prevent malicious attempts by a few syndicates to control the market and 3. Take firm steps to uproot such unlawful and unjust systems.
The commission will encourage among other things: 1. Fair competition and freedom of trade, 2. Investigation of all market manipulation complaints, 3. Lodging and carrying out of cases, 4. Giving administrative directives, advising and supporting the government, and 5. Creating awareness among the masses about the ethics of fair competition.
Commerce Minister Tipu Munshi says: “The proper implementation of the law will prevent the formation of an imbalanced marketing system.”
Commission chairman, Abdur Rouf, said: “The commission is working amidst many limitations, which will dissipate over time; it currently has only 9 officials in the place of 29.”
Competition law was first enacted in 1889 in Canada with the USA the following year. Japan passed it in 1990; and currently, 17 countries in Asia have the law.