Minister Of Commerce: The Competition Protection Law Creates A Fair Environment And Provides Competition Between Companies

Minister of Trade and Industry Khaled Al-Roudhan said today, Wednesday, that the proposal for a law and the draft law in the matter of “protecting competition” aims to achieve protection of fair trade competition between companies.

This came in a press statement by Minister Al-Roudhan following the end of the special session of the Council, in which the Council approved the proposal for a law to cancel Law No. (10) of 2007 in the matter of protection of competition and the draft law on protection of competition in the first and second deliberations.

Al-Roudhan explained that the law aims to limit the ability of large companies to harm competition and medium and small companies, create a fair environment, provide competitive justice between companies, and give them an opportunity to enter the market fairly.

He indicated that the law has become clearer, more accurate, and guarantees the speed of procedures through the disciplinary council, “the speed of taking a deterrent and decisive measure that protects many competitors and maintains market competition.”

He pointed out that the law includes deterrent penalties and specifies the penalties and procedures to be clear that do not need interpretation and a calculation mechanism for their application, and 10 percent of the company’s total revenue has been determined among the penalties.

He said, “The law does not aim to combat practices harmful to competition only. Rather, the supreme goal is a radical change in the economy and help the private sector to move the economic wheel in the future to achieve sustainable development that does not depend on the domination of the public sector over the economy.”

 

Source: Alraimedia

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