AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

KARACHI: Due to the lack of uniform law for shipping companies in the country, the shipping companies have increased their charges arbitrarily, causing serious damage to the country's trade.

This was stated by President KATI Farazur Rahman on the occasion of the visit of the Chairperson Competition Commission of Pakistan to KATI.

On this occasion, Chairperson of the Competition Commission of Pakistan Rahat Kaunain Hassan, Senior Vice President KATI Nighat Awan, Vice President Muslim Mohamedi, Maheen Salman and others were also present.

Faraz Ur Rehman further said that the role of competition commission is very important, adding no country can develop without creating an atmosphere of equality. He said trade suffered due to the absence of equal legislation for shipping companies.

Faraz Ur Rehman has formed a committee for consultation and cooperation with the Competition Commission and appointed Vice President Muslim Mohamedi as its head.

President KATI said that the joint committee will submit its recommendations to the Competition Commission so that the level of equality in the market is maintained and the country is on the path of development.

At the occasion, Chairperson of the Competition Commission of Pakistan Rahat Kaunain Hassan said that by eliminating ‘cartel’, it is possible to reduce the price in the market by 20 percent. In violation of the competition laws, we have fined 150 million rupees this year.

The Chairperson of the Competition Commission added that the institution's responsibility is to establish competition and provide a level playing field in the industry by eliminating any form of monopoly. Apart from this, the Competition Commission prevents an unnecessary increase in prices by applying various rules.

She said that in this regard, the institution has also imposed fines on most of the companies that established cartels and monopolies in markets, but the majority of the cases get delayed due to stay orders.

She said that the Competition Commission had conducted investigations and fines in the past to end monopolies in the cement, sugar and poultry industries, but most of the cases are still pending due to litigation. She said that if respectable association like KATI cooperates in actions against monopoly and abnormal increase in prices in the industry, inflation, hoarding and profiteering can be avoided in the country.

Copyright Business Recorder, 2022

Comments

Comments are closed.