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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Market monopoly is in danger... and the Parliamentary Economic Committee leads the correction battle

    Rocky
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    Market monopoly is in danger... and the Parliamentary Economic Committee leads the correction battle Empty Market monopoly is in danger... and the Parliamentary Economic Committee leads the correction battle

    Post by Rocky Wed 18 Sep 2024, 7:16 am

    [size=38]Market monopoly is in danger... and the Parliamentary Economic Committee leads the correction battle[/size]


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    September 18, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala:
    The issue of ending monopolies in Iraq has become one of the pivotal issues that parliamentary bodies seek to address urgently, due to its direct impact on the local economy and market stability.
    One of the most prominent of these efforts is the move led by the Parliamentary Committee on Economy, Industry and Trade to amend the Competition and Anti-Monopoly Law.
    The Parliamentary Committee on Economy, Industry and Trade, headed by MP Ahmed Salim Al-Kanani, hosted the (Competition and Anti-Monopoly) Council to discuss amending the Competition and Anti-Monopoly Law in Iraq, in the presence of a number of economists, experts and legal professionals.
    The head of the parliamentary economy, industry and trade committee, MP Ahmed Salim Al-Kanani, said in a statement that the main objective of the meeting was to highlight the need to update the competition and anti-monopoly law, in line with current economic challenges, as well as to address legal loopholes affecting the local market. The discussions addressed several key points that need to be amended.
    Amending this law is an important step to ensure economic justice and improve the investment environment, as the monopoly of some parties on the market leads to narrowing competition and unjustified price increases, which negatively affects consumers and the economy in general.
    The parliamentary committee seeks to address the legal loopholes that affect the local market, as some of these loopholes allow monopolists to escape punishment or manipulate the laws in a way that harms fair competition.
    Analysts believe that tightening penalties on entities proven to be practicing monopoly and price manipulation is an urgent necessity to ensure effective implementation of the law and achieve the necessary deterrence.
    A key aspect of these efforts is price control to maintain market stability, as monopoly is one of the main causes of price fluctuations that affect citizens’ daily lives.
    In the absence of real competition, it becomes easy for monopolistic companies to raise prices exaggeratedly, which increases the suffering of consumers and causes some to refrain from buying.
    Iraq needs to activate laws that protect consumers from these unfair practices and ensure that products and services are available at reasonable and stable prices.
    In addition to parliamentary efforts, economists and legal experts play an important role in amending the law to suit the Iraqi reality. The challenges facing the local market require innovative legal and economic solutions that ensure sustainable economic growth and fair distribution of economic opportunities.
    The head of the committee, MP Ahmed Salim Al-Kanani, noted that the penalties on monopolists were discussed, as the parliamentary committee stressed the need to tighten penalties on parties proven to practice monopoly and price manipulation, stressing that the current penalties are not sufficient to deter violators, which makes it necessary to review these articles to impose strict penalties that contribute to achieving balance in the market.
    Al-Kanani pointed out that the discussions included the importance of controlling prices to maintain market stability and protect consumers from price fluctuations resulting from monopoly. They also included establishing stricter monitoring mechanisms to ensure that traders and importers adhere to the specified prices and avoid exploiting crises to raise prices unjustifiably. The committee chairman stressed the importance of establishing strict quality and control standards to ensure that consumers obtain goods with specifications that meet international standards.
    The statement of the Parliamentary Committee on Economy, Industry and Trade stated that it was agreed to continue the dialogue between the committee and the Competition Council to reach a final formula for the amendments to the law, while stressing the importance of expediting the approval of the amendments to activate the role of the Council in improving the business environment and ensuring the rights of consumers.
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