Chairman Competition Commission of Pakistan (CCP) Rahat Kaunain Hassan on Thursday said that the government has extended full support in passage of the Competition Bill by the Parliament enabling the commission to promote competition and protect the general consumers from the monopolistic practices.
Talking to Business Recorder from New York soon after the passage of the Competition Bill by National Assembly on Thursday, she said that we would resolutely respond to legal challenges for enforcement of the law, as in essence it is meant widening the economic base with protection to the consumers.
Having been entrusted with the assignment, pursuing the transition of the law from the temporary to permanent phase was my top priority and the government has extended full support in achieving this transition, she observed. Rahat Kaunain is presently in USA to attend the 37th Annual Conference on International Anti-Trust Law and Policy. Heads of 20 competition agencies and other experts are attending the conference.
She has shown her commitment to continue with the enforcement policy to preserve the credibility of the institution with financial autonomy for the commission. She also talked about maintaining the credibility of the institution and enforcement of competition law without fear and favour and improvement in its rules and regulations would be top priorities. She added that it is my vision that CCP emerge as a robust autonomous institution internally as well as a harbinger of positive and responsible corporate behaviour and ethos.
Meanwhile, a statement issued by the CCP here on Thursday said that the passage of the Competition Bill on Thursday is a major legislative initiative towards the realisation of a competitive and fair economy. The Competition Bill has been passed with the unanimous vote is a testament to the strength of the democratic process.
Rahat Kaunain Hassan, Chairperson of the Competition Commission of Pakistan has expressed deep appreciation and gratitude to the government for extending its support to this due piece of legislation, which will make Pakistan's economy more equitable and transparent. The Competition Bill passed is designed to promote a competitive and fair economic playground for the entire corporate sector, while securing economic efficiency and protecting consumers from anti-competitive attitudes and practices.
This milestone could not have been achieved without the dedication and support of various actors, each of whom I would like to congratulate and thank. A much necessary tribute to the media is due, as they have consistently played a very positive role in communicating to the public the importance of a robust competition regime. I also thank the dedicated team at the CCP for their hard work, she said.
It is also necessary to assure all stakeholders in the corporate sector and the consumers that following the ceremonial assent of the President to the Competition Bill when it shall become an Act of Parliament, we at the Commission will strive to promote and create a vibrant and equitable economic playground, with an emphasis on transparency and fair-play.
The commitment realised by the government shall also give confidence to both domestic and foreign investors that their investments will be safeguarded from anti-competitive actions of a few economic actors having vested interests, CCP statement added.
When contacted, market experts said that proposed amendments in the Competition Law as proposed by the Senate Standing Committee on Finance and unanimously approved by the National Assembly would help strengthen the Competition Law and Competition Commission of Pakistan to take stern actions against cartels.
Following the unanimous approval of the Competition Act, 2010 from the National Assembly all the decisions and acts of the Commission stand validated including penalties imposed on industrial undertakings involved in cartelization and unfair trade practices.
The Competition Act seeks to shift the right of appeal from high court as demanded by the CCP, and it has been unanimously agreed that instead of high courts as court of appeal against the decisions of the Competition Commission of Pakistan three members Competition Tribunal to hear the appeals.
Appeals against the decision of the Competition Tribunal would be heard at Supreme Court of Pakistan, they added. The Competition Bill aims seek that revenue realised through imposition of penalties by the CCP would be deposited in the Federal Consolidated Fund. However, CCP Fund would remain intact and that would be financed.