Competition law to be enacted by July: Faruk
Bangladesh Sangbad Sangstha . Dhaka
The government is going to enact a full-fledged Competition Law by July this year to help ensure healthy competition and efficient pricing in the market.
A core group comprising stakeholders and director general of WTO cell of the commerce ministry is now working on drafting the law by following laws of other countries and the UNCTAD.
When enacted, the law would encounter anti-competitive agreements and abuse of dominant position like creating entry barriers.
The commerce minister Faruk Khan on Thursday asked all involved with the process to complete draft by June saying it will be placed before the parliament in July for approval.
‘We will not formulate such an act that might impede business to grow,’ said Faruk at a discussion on Competition Law in the Export Promotion Bureau (EPB) conference room in the city.
Acting commerce secretary M Golam Hossain, EPB vice-chairman Sahab Ullah, chairman of Bangladesh Tariff Commission Mozibur Rahman spoke at the discussion, joined, among others, by economists, researchers and businessmen.
Director general of WTO cell Amitava Chakrabarty gave the keynote paper on Draft Competition Act- 2010 suggesting formulation of a commission dubbed Bangladesh Competition Commission and penalty for violating rules.
Necessary rules are inevitable before enacting the Competition Law, Khan said adding that the government will not formulate any such law that hampers businesses and raises controversy.
The government will be able to disclose time-to-time information about hoarding once the law is formulated, said Faruk Khan.
Commenting on the keynote paper, professor of United International University AK Enamul Haque said the main purpose of the act should be to infuse dynamism into market economy and innovation.
Senior vice president of Dhaka Chamber of Commerce and Industry Shahjahan Khan said it must be clear that which agreement is cartel and which not.
In this regard, he cited the example of Organisation of Petroleum Exporting Countries (OPEC) which does cartel for harmonising production with price.
It needs to be determined through extensive research, which agreements are cartel, Monsur Alam, member of securities Exchange Commission said, referring to an example of shipbuilding industry.
Chief executive officer of Bangladesh Foreign Trade Institute MA Taslim said the Competition Law is being formulated in line with Indian one.