The government is working constantly to bring stability in the market by creating sustainable competition in the economy and also to protect consumer rights. To suppress the country's illegal business syndication for bringing market equality the government passed the Competition Act 2012. The illegal business syndicate is responsible for creating unrest by increasing the price of daily essentials and create supply shortage in the market, said concerned persons.
The government has also formed the Bangladesh Competition Commission (BCC) to implement the act. The act is for repealing the previous monopolies and restrictive trade practices of the country. However, the commerce ministry is saying that the act applies to all businesses associated with the purchase, sale, production, supply, distribution, and warehousing of goods for any purpose or for commercial purposes.
As the country is aiming at becoming a middle-income country by 2021 and a developed one by 2041, it needs to reduce the unequal competition in trade and commerce, and increase investment is very much important. The commission is to act to create equal market competition and proper use of the act to create a sustainable business environment. The Act is made to promote, ensure and sustain congenial atmosphere for competition in trade, and to prevent, control and eradicate collusion, monopoly, and oligopoly, combination or abuse of dominant position or activities adverse to the competition. There are 46 sections in the Act, according to BCC.
To this end, Commerce Minister Tipu Munshi said, the act was passed during 2012, to eliminate unequal market system from the country and create a sustainable market position. Soon the commission will show its activities. The commission chairman said, despite huge limitations, the commission is continuously working. Soon the commission will be able to overcome all the limitations, he continued and added, the commission is also suffering from workforce shortage, for which it cannot show its performance.