Thursday December 07, 2023

CCP Chairman Sidhu meets caretaker finance minister

By Our Correspondent
September 26, 2023

ISLAMABAD: Chairman of Competition Commission of Pakistan (CCP) Dr. Kabir Ahmed Sidhu called upon Federal Minister for Finance, Revenue, & Economic Affairs, Dr. Shamshad Akhtar at the Finance Division on Monday.

CCP Chairman Sidhu briefed the minister on the CCP’s performance so far. He provided an overview of the CCP’s strategic vision, especially focusing on curbing collusive practices of cartels, market abuse, manipulation, and advocacy. He also apprised the minister about the status of outstanding penalties within the courts.

The CCP chairman informed the minister that the Competition Appellate Tribunal has become dysfunctional since 14th July, 2023, due to the expiry of the term of the Chairman Appellate Tribunal. Due to a lack of quorum, the Tribunal cannot make decisions. This has left hundreds of cases pending against sugar, automobile, poultry and cement undertakings.

Lack of enforcement will only benefit the cartels and result in higher prices for consumers across the country which will result in higher inflation.Sidhu also briefed the minister on the CCP’s policy recommendations aimed at addressing market distortions and promoting efficiency within the value chain of essential food commodities.

Dr. Shamshad Akhtar assured of the ministry’s full support to CCP. She said that the Government of Pakistan remains dedicated to fostering fair competition and a level playing field for businesses across sectors.