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Adviser to the Prime Minister recommends activating a legal text to prevent monopoly and control prices
Economy 06-18-2023, 18:16
Baghdad - Conscious - Nassar Al-Hajj
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended the
need to activate the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what
he called the dark market dominates more than 60% of private sector activities. Salih told the Iraqi News Agency (INA),
"The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of
"The dark-colored or unofficially defined market dominates more than 60% of the private sector's activities,
a phenomenon that
"The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which
"the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies," noting that
"the law emphasizes
there is a complete absence of the application of the text of Article 4 of the law related to the establishment of the Competition Affairs and Monopoly Prevention Council. And he indicated that
“the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is
"the council is also responsible for
"work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010."
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Economy 06-18-2023, 18:16
Baghdad - Conscious - Nassar Al-Hajj
Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended the
need to activate the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what
he called the dark market dominates more than 60% of private sector activities. Salih told the Iraqi News Agency (INA),
"The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of
- available supply of goods and services is insufficient to meet consumers' needs and desires, as a percentage of potential demand is met,
which leads to price disturbances that lose economic stability its objective conditions." And
it causes the emergence of dangerous monopolistic centers.” He added,
"The dark-colored or unofficially defined market dominates more than 60% of the private sector's activities,
a phenomenon that
- threatens price stability and
leads to disturbances in the organization of storage and the quality of supply, as well as the
rapid birth of monopolies,
causing great damage to the organization of economic life.". He continued,
"The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which
- aims to regulate competition and
prevent monopolistic practices harmful to society by investors, producers, marketers, or others
in all economic activities." He pointed out that
"the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies," noting that
"the law emphasizes
- ensuring freedom of competition and preventing monopoly in markets, and
creating an incentive to reduce Cost, price and quality improvement in relation to the goods and services offered in the market,
which leads to the encouragement and development of the private, mixed and public sectors in support of the national economy and the good flow of goods and services, and at the same time
there is a complete absence of the application of the text of Article 4 of the law related to the establishment of the Competition Affairs and Monopoly Prevention Council. And he indicated that
“the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is
- preparing the general plan for competition and preventing monopoly,
applying legislation related to competition and preventing monopoly with the relevant authorities, and
working to spread the culture of competition and preventing monopoly,
protecting and encouraging it, as well as working to
investigate information and practices that violate the rules Competition and
preventing monopoly in cooperation with the relevant authorities in accordance with the provisions of the legislation, and
conducting investigations into the practices that it reveals or based on the complaints and news it receives or those that come at the request of the court and preparing reports on its results. He stressed that
"the council is also responsible for
- issuing a guide on everything related to issues of monopoly, merger and restricted commercial practices, as well as
seeking help from experts or consultants to complete any of the works that fall within its competence, and
coordination and cooperation with similar bodies outside Iraq in the field of exchanging information and data and
what is related to the implementation of competition rules and preventing Monopoly within the limits permitted by international treaties, on the condition of reciprocity, and
submitting an annual report to the Council of Ministers on the status of competition and preventing monopoly. He pointed out that
"work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010."
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