Price Control, Manipulation Prevention Agreement Signed

A memorandum of understanding and a collaborative agreement have been signed between the Federation of Consumer Cooperative Societies and the Ministry of Commerce and Industry to regulate prices. This initiative aims to oversee the pricing of goods and services within cooperative societies and parallel markets, reports Al-Qabas daily. Sheikh Firas Al-Sabah, Minister of Social Affairs, Family Affairs, and Childhood, and Muhammad Al-Aiban, Minister of Commerce and Industry and Minister of State for Youth Affairs, attended the signing ceremony.

According to the officials, the signing of the memorandum signifies a meaningful and productive collaboration between the Federation of Consumer Cooperative Societies and the Ministry of Commerce and Industry. According to the statement, the memorandum was inked by Abdul Wahab Al-Faris, President of the Federation of Consumer Cooperative Societies, and Ziyad Al-Najim, the Undersecretary of the Ministry of Commerce and Industry. It is set for a duration of 12 months, with the possibility of renewal by mutual agreement. This memorandum aims to foster extensive cooperation and grant the Ministry of Commerce access to the Federation’s price database.

Ultimately, this access is intended to facilitate closer cooperation and data sharing between the two entities, with the primary goal of protecting consumers in cooperative societies and parallel markets. The statement further outlined that the collaborative efforts laid out in the memorandum will revolve around “mutual agreement and cooperation to leverage the product database for monitoring market prices in cooperative societies and parallel markets.” The data to be shared will encompass product details such as the product’s name, brand, size and weight, country of origin, product price, and product barcode. Consumers benefit from greater transparency and fairness in pricing through this comprehensive approach.

 

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