Commerce Minister Tofail Ahmed pledges to keep the market free from syndicates

Commerce Minister Tofail Ahmed has pledged to keep the market free from syndicates to prevent practices having an adverse effect on competition.

“Monopoly will not be allowed in the market. We’ll keep an eye on the market so that it cannot be controlled by any syndicate. We will ensure fair prices,” he said at a seminar on ‘Ensuring Competition in Trade and Commerce: Role of Bangladesh Competition Commission’ organised by the commission at the CIRDAP auditorium in Dhaka on Thursday.

The commission was formed in April 2016 under a law passed sometime in 2012 to ensure fair trade practices by creating a level playing field for all entrepreneurs in Bangladesh to avert market manipulation by any oligopoly.

The law also aims to help promote economic development of the country by creating a better environment for the private sector in terms of efficiency in production and pricing decisions and benefit both consumers and producers.

Shafiul Islam Mohiuddin, president of the country’s apex trade body FBCCI, urged the commission to enforce laws against the dishonest traders to ensure fair competition in the market.

Bangladesh Bank chief economist Faisal Ahmed said it should be kept in mind that the regulatory bodies always work under pressure. “The commission should move ahead targeting 2041.”