Govt to enforce competition law
Tuesday, 13 November 2007
The government has taken steps to enforce a new law titled "Competition Law in Bangladesh" to control the soaring prices of essentials and create what it said was healthy competition among businessmen, reports bdnews24.com.
A 12-member committee led by Additional Secretary Golam Mostakim of the commerce ministry drafted the law, which proposes a permanent commission.
The main tasks of the commission will be to keep watch so that any company cannot dominate the market "unfairly" and to take action against any organisation involved in "illogical competition", officials with the commerce ministry said.
Mostakim said: "The law is going to be enforced to create healthy and logical competition among businessmen."
"The purpose of the law is to make sure that only two big companies do not join hands to hike the prices of commodities without any reason."
"The draft law proposes formation of a commission, which will eliminate forces against a healthy market," he said.
According to the commerce ministry, the draft law will be sent to the Chief Adviser's Office for approval.
Ministry officials said the new law was based on "The Monopolies and Restrictive Trade and Practices (Control and Prevention) Ordinance 1970". The competition law in Bangladesh, if approved, will replace the 1970 ordinance.
According to the draft, the commission will be led by a chairman. The number of its members will be no less than five and no more than nine-to be appointed for five years to work as government officials.
A 12-member committee led by Additional Secretary Golam Mostakim of the commerce ministry drafted the law, which proposes a permanent commission.
The main tasks of the commission will be to keep watch so that any company cannot dominate the market "unfairly" and to take action against any organisation involved in "illogical competition", officials with the commerce ministry said.
Mostakim said: "The law is going to be enforced to create healthy and logical competition among businessmen."
"The purpose of the law is to make sure that only two big companies do not join hands to hike the prices of commodities without any reason."
"The draft law proposes formation of a commission, which will eliminate forces against a healthy market," he said.
According to the commerce ministry, the draft law will be sent to the Chief Adviser's Office for approval.
Ministry officials said the new law was based on "The Monopolies and Restrictive Trade and Practices (Control and Prevention) Ordinance 1970". The competition law in Bangladesh, if approved, will replace the 1970 ordinance.
According to the draft, the commission will be led by a chairman. The number of its members will be no less than five and no more than nine-to be appointed for five years to work as government officials.