KIGALI - The draft law on business competition and consumer protection is expected to significantly contribute to the economy, if passed, the Minister of Commerce, Trade and Industry, Monique Nsanzabaganwa, said yesterday.
Minister Nsanzabaganwa made the remarks at the closure of a 3-day national workshop on competition law and policy.
Upon promulgation, the legislation will regulate fair business transactions amongst public and private institutions.
“The potential benefits of a shift towards a more market-oriented economy will not be realized unless business firms are prevented from imposing restrictions on competition,” said Nsanzabaganwa.
“There is need for fair and equitable environment where both the producer and the consumer can maximize their profits and satisfaction respectively.”
She added that it is important to ensure that consumers are adequately protected from firms, whether large or small, that engage in exploitative pricing collusion that is designed to prevent competition.
According to the ministry, the policy will improve competition as well as assist in the creation of markets-responsive signals, and ensuring the efficient allocation of resources in the economy and efficient production with enticement for innovations.
“Rwanda’s entry into EAC and her deepening integration with COMESA will expose the country’s firms to competition from outsiders,” she said.
The competition policy will also ensure that there are no loopholes for foreign firms to practice anti-competitive behavior towards firms in the country, the minister added.
Nsanzabaganwa noted that the existing national competition policies shall be harmonized and brought in line with the regional policy to ensure consistency, avoid contradictions and provide regionally predictable economic environment.
The workshop was conducted by experts from United Nations Conference on Trade and Development (UNCTAD) based in Geneva.