Cabinet okays draft competition law
The government has approved a draft competition law in principle to help ensure healthy competition and
competitive pricing in the market.
The cabinet meeting, chaired by Prime Minister Sheikh Hasina, gave the go-ahead yesterday.
Before signing the bill into a law in parliament, it will soon come under scrutiny by the law ministry.
In the backdrop of an expansion of trade and commerce and investments in the private sector over the years, the urgency of such a law has been felt as a group of unscrupulous businessmen stood in the way of an environment conducive to business, said an official handout.
The new law will incorporate a provision that enables detection and thereafter punishment to any cartel or syndicate of traders, if those are found manipulating commodity market through 'price fixing'.
When enacted, the law will prevent the big manufacturers or traders from abusing their dominant position.
The law will help facilitate investigation and identification of any anti-competition activities.
"It will help create new entrepreneurs who will easily enter into different markets and create employment opportunities," according to the text of the draft law.
The government will be able to disclose time-to-time information on any hoarding, once the law is formulated.
The new law can ensure quality products for consumers, as competitiveness and moral standards among businesspeople will be raised.
A core group comprising stakeholders and director general of WTO Cell at the commerce ministry worked on drafting of the law for months by following laws in other countries and the United Nations Conference on Trade and Development.