Due to the lack of uniform law for shipping companies in the country, the shipping companies increased the prices arbitrarily, which caused 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, 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 says that by eliminating a 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.
