Fair competition vital for growth: CCP

Competition Commission of Pakistan (CCP) Chairman Farid Ahmad Tarar has said that fair competition is the foundation of a strong economy and sustainable economic growth can only be achieved through transparency, equal market opportunities and strict compliance with laws.

He said that cartelisation, deceptive marketing practices and abuse of dominant market position harm both consumers and small businesses, therefore a culture of voluntary compliance must be promoted within the business community. He was speaking at an awareness session held at the Lahore Chamber of Commerce and Industry (LCCI).

Tarar recalled that the Competition Commission was established in 2007 to promote fair competition, following earlier regulatory arrangements under the Monopoly Control Authority formed in 1970. He said economic reforms, privatisation and the expanding role of the private sector created the need for a modern competition regulator.

He explained that competition law prohibits cartel formation, market division, price fixing and manipulation of supply or demand, adding that abuse of dominant market position in any sector negatively affects market fairness and is subject to regulatory action.

He also highlighted that deceptive marketing practices, misleading advertisements and brand imitation create consumer confusion and harm legitimate businesses.