Coops Federation And Commerce Ministry Sign Mou To Control Prices

In an effort to manage prices and safeguard consumer interests, the Federation of Consumer Cooperative Societies and the Ministry of Commerce and Industry have signed a memorandum of understanding. This partnership aims to oversee the pricing of commodities and services within cooperative societies and supermarkets.

According to Al-Qabas daily, the agreement was signed in the presence of Sheikh Firas Al-Sabah, Minister of Social Affairs, Family, and Childhood Affairs, as well as Muhammad Al-Aiban, Minister of Commerce and Industry and Minister of State for Youth Affairs.

According to the officials, the signing of the memorandum represents a significant step toward fostering productive and cooperative interactions between the Union of Consumer Cooperative Societies and the Ministry of Trade and Industry.

According to the statement, the memorandum was signed by Abdul Wahab Al-Faris, the President of the Union of Consumer Cooperative Societies, and Ziyad Al-Najm, the Undersecretary of the Ministry of Trade and Industry.

A 12-month agreement is in place with provisions for renewal according to mutual agreement. This framework emphasizes comprehensive cooperation and empowers the Ministry of Trade and Industry to access the price database maintained by the Union of Consumer Cooperative Societies.

In order to protect consumers, this cooperative exchange aims to enhance coordination and integration of shared data, ultimately bolstering price oversight within cooperative societies and parallel markets.

According to the statement, the collaborative efforts outlined by the memorandum include monitoring market prices within cooperative societies and parallel markets using the product database. Product details include product name, brand, size and weight, country of origin, price, and barcode.

 

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