Egypt - Ekhbary News Agency
Final Approval for Competition Protection Law
In a significant move, the Egyptian Parliament, during its general session chaired by Counselor Hisham Badawy, has granted final approval to the government's draft law on Competition Protection and Anti-Monopoly Practices. This step is part of the nation's efforts to update the legislative framework governing Egyptian markets, keeping pace with rapid economic changes and improving the investment environment.
Promoting Free Competition and Tackling Monopolies
The new law seeks to solidify principles of free and fair competition and firmly address monopolistic practices that could harm consumers and the national economy. It reflects the urgent need for a more comprehensive and effective law capable of dealing with emerging forms of monopoly, regulating economic concentrations, and ensuring swift regulatory intervention.
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Agency Independence and Stricter Penalties
A key feature of the draft law is granting the Competition Protection and Anti-Monopoly Practices Agency full regulatory, technical, administrative, and financial independence, enhancing its ability to make effective and impartial decisions. The bill also includes tougher penalties for violations, empowers the agency with prior and subsequent regulatory authorities, and establishes strict controls over economic concentrations, mergers, and acquisitions.
