The Bangladesh Intellectual Property Forum (BIPF) on Saturday urged the government to bring necessary changes to the Competition Law aiming to boost both investment and employments.
The BIPF also advocated for using the term "cartel" instead of "syndicate" when it comes in the matter of market volatility.
The observation was made at a roundtable titled 'Commodity Prices, Market Management and Competition' organised by the BIPF at a city auditorium.
BIPF founder Barrister ABM Hamidul Mishbah said there were many discrepancies in recent judgments made by the Bangladesh Competition Commission.
He also cautioned against wrongful prosecution of manufacturers, citing potential repercussions such as reduced investment and employment opportunities.
Mr Mishbah said there was a need for adherence to due process in applying competition laws and pointed out the absence of the term "syndicate" in the country's legislation.
He said that against the notion of syndicates in the country's market system, media can use the word "cartel" instead.
He also said that the government could not dictate product prices, which are determined by demand and supply dynamics.
Responding to queries about the Competition Commission's judgments, Mishbah criticised the commission's handling of cases, alleging a lack of receptiveness to feedback.
He said the existing law of the commission indicates members of the entity should be from different disciplines as they must have the knowledge on law, market, economics and many other issues related to products and commodities.
But, most of the members in the commission are from the administration, he claimed.
Economist Prof Dr Mohammed Helal Uddin from Dhaka University criticised the temporary policies like tariff cuts, which he believed exacerbate market instability in a long run.
He said the government should take proactive measures to prevent market overheating.
"Only two weeks ahead of Ramadan, the government cut tariffs on date. Is it possible for traders to bring date in such short period and what other traders would do who brought the product at higher rates much earlier?" he said.
Prof Helal also suggested exempting essential products like rice and onions from duties for the sake of commoners.
He argued against labelling price increases as indicative of syndicates, attributing them to various factors, including ineffective government policies.
"We have to realise the importance of market dynamics. The media outlets should refrain from sensationalising market fluctuations."
Disagreeing with assertions denying the existence of syndicates, writer and researcher Gowhar Naeem Wara urged a focus on addressing real market issues rather than debating semantics.
He said the farmers or their representation are always absent from such a discussion.
He said farmers have little access to the retail markets which is a key reason for such a high price gap which hurts both the farming and consumer communities.
Economist Prof AK Enamul Haque of East West University cautioned against attempts to suppress market volatility hastily, as it could exacerbate instability.
He underscored the need for combating corruption and boost investment to stabilise the market.
Former Director of the Bangladesh Competition Commission Mohd Khalid Abu Naser said the country has been witnessing a gradual market centralisation which is unusual for the consumers.
He said other factors such as fluctuating exchange rates of local currency against US dollar as contributors to market volatility.
He advocated for comprehensive market management strategies, including digital initiatives.
Competition Commission non-government adviser and legal economist MS Siddiqui said there is a need to initiate a mechanism involving the commission, the Consumers Right Protection Directorate (DNCRP), primary producers group and experts to combat the market volatility in a comprehensive way.
Supreme Court lawyer Barrister Tasnuva Shelley called for an effective data centre from which the commission could get authentic information to conduct its regular work.
She also acknowledged some benefits of syndicates in certain contexts but stressed the importance of enforcing competition laws as well as preserving market data.
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