Islamabad—Chairperson Competition Commission of Pakistan (CCP), Vadiyya Khalil Friday said that CCP had imposed over Rs 26 billion penalties on various undertakings for different violations of the Competition Act, 2010.
Briefing National Assembly Deputy Speaker Murtaza Javed Abbasi on the mandate and performance of CCP in the enforcement of Competition Law, Vadiyya Khalil said these undertakings include companies and trade associations from across sectors of the economy and were involved in anti-competitive practices such as abuse of dominant position, cartelization and deceptive marketing practices, thus harming the consumer interest as well as inflicting huge losses to the national economy.
Under the law, the penalties imposed by CCP have to be deposited in the National Exchequer of the Federal Government. The Competition Act is in line with the competition laws of over 150 countries that have implemented the modern competition regimes.
Under the Competition Act, CCP is empowered to take action against abuse of dominant position, cartelization, deceptive marketing practices and approval of mergers of the Act.
Moreover, CCP has the power to review the policies of the Government of Pakistan and suggest/recommend changes in the policies where it is required for protecting competition.
Furthermore, CCP has also been empowered to strike a balance between enforcement and advocacy through creating awareness of the law.
She briefed the Deputy Speaker on the recent National Road Show on Competition Law held by CCP in 23 cities of the country to create awareness and facilitate the business community in resolution of competition issues.
Vadiyya Khalil said that the enforcement of the Competition Law fosters the economy by creating conducive environment for investment, more innovation, lower prices, higher choices, better quality, and bringing the country at par with the global competitors, said a press release.
She also briefed the Deputy Speaker on the enforcement procedure saying that the orders are passed after following the due course of law that include transparent and impartial inquiries conducted by the inquiry committees, full opportunity of hearings to the undertakings and then issuing the orders and making them public as per the law. Under the Competition Act, appeals can be filed against the orders passed by CCP in front of the Commission and then the Competition Appellate Tribunal (CAT).
The Deputy Speaker Murtaza Javed Abbasi appreciated the efforts of CCP in effectively enforcing the Competition Law thereby creating a level playing field in all sectors of the economy. He said that the Competition Law is an important law for consumer protection.