Delegates from the five partners’ states of the East African Community on Tuesday met in Kigali to discuss modalities of implementing the forth coming Competition Act and how it will impact the economies of EAC member states.
“The main objective of having a Rwanda Competition Law and Policy is to improve competition as a means of assisting in the creation of markets responsive to consumer needs, and ensuring the efficient allocation of resources in the economy as well as efficient production with incentives for innovation.” Monique Nsanzabaganwa, Minister of Trade and Commerce told the meeting.
The Competition Law will seek to curb monopolistic tendencies by eliminating barriers to entry of firms into the market.
Speaking during the forum, the Chief Executive Officer of Kenya Monopolies and Price Commission, Wang’ombe Kariuki said, that many giant firms gaining from monopoly in the region exploit the consumers, thus the need to create a regulatory framework to regulate the firms’ behaviour.
Speaking to The New Times, the Deputy Secretary General of EAC, Alloys Mutabingwa, said that East Africa was slowly graduating into a broad market and hence more competitive.
He urged the business community not to worry about the new law because it will blend with the existing economic laws and policies.
He said that plans were underway to create an institution in Rwanda charged with improving laws of trade in East Africa come June 2010.