The Ministry of Trade and Industry has urged Parliament to pass the draft bill on competitiveness and consumer protection. The draft law should not be delayed any more.
According to the minister, the bill is of extreme importance as it will help eliminate unfair business practices such as price fixing and speculative hoarding.
All these negative business practices end up harming the final consumers, by making goods needlessly expensive. While business is, and must be, profit-oriented, it is unacceptable for members of the business community to undertake unethical or illegal practices, just to rake in profits.
But with the Government allowing the forces of supply and demand to determine prices, we need guarantees that there won’t be backroom deals between suppliers to artificially hike prices and share abnormal prices. These anti-customer practices are probably happening as we speak.
Another reason why the bill is important is that it protects smaller businesses from the unethical behavior of larger, more established business entities.
Small and medium-sized enterprises are the backbone of the economy. For them to realize their full potential, the environment they operate in must be fair. The bill is essential and must be passed as soon as possible.