Competetion Law-Bangladesh

Short title, extent and commencement
1. (1) This Act may be called the Competition Act, 2002.
(2) It extends to the whole of India except the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint:
Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Govt mulling over ‘Competition Act’

March 5, 2009

FE Report

The government is considering enacting a ‘Competition Act’, aiming to help increase competitiveness among businesses so that they offer quality goods and services at fair prices.

One of the main objectives of the proposed act is that although prices and quality of various goods and services are determined by market forces, businesses have opportunity to control prices and other factors that can affect the consumers’ interest.

The enactment of new competition act along with the recently passed Consumers’ Protection Ordinance 2008 can help prevent unscrupulous business practices and promote a market-oriented economy, said the Bangladesh Investment Climate Fund (BICF) of the International Finance Corporation (IFC), the private sector arm of the World Bank.

Keeping this end in view, the Ministry of Commerce and the Export Promotion Bureau (EPB) organised a consultation session Tuesday to discuss various aspects of the proposed Competition Act with the stakeholders concerned.

Representatives from the relevant government agencies, Board of Investment (BoI), Bangladesh Bank and trade bodies largely participated in the discussion with Commerce Secretary Feroz Ahmed in the chair.

The discussants observed that both consumers and businesses would benefit from an effective competition policy, said the BICF.

All sectors of the economy engaged in commercial activities will be covered by the proposed competition law except the sectors that are important for national security or strategic reasons for the sovereignty of the country, they said.

The speakers at the discussion expected that the new law would apply to government and private sector enterprises engaged in commercial and economic activities.

Once enacted, the law will be administered by the proposed Competition Commission of Bangladesh, they said, adding that the proposed commission was envisaged to be an independent body subject to checks and balances and accountable to the government and the people of Bangladesh.