CCP Briefs Finance Minister on Sugar Sector Challenges

The Chairman of the Competition Commission of Pakistan (CCP), Kabir Ahmed Sidhu, updated Finance Minister Muhammad Aurangzeb on the hurdles in fostering competition within the sugar industry. The briefing also covered the underlying factors contributing to the recent turmoil in the sugar market, according to a statement from the CCP.

Sidhu informed the Finance Minister about the CCP’s ongoing efforts to formulate comprehensive proposals to aid the Sugar Sector Reform Committee.

He also brought to the minister’s attention the root causes of previous sugar crises that occurred in 2008-09, 2015-16, and 2019-20. Furthermore, he shared the commission’s findings and detailed the enforcement measures taken against cartel activities within the sector, the statement elaborated.

The finance minister was informed that the Competition Appellate Tribunal had sent the CCP’s 2021 directive against the sugar cartel back to the CCP for a new hearing. The commission has since developed an extensive plan for its swift conclusion.

Aurangzeb pledged the government’s unwavering support to the CCP, ensuring the expedited handling of pending court cases and the enhancement of the institution’s operational effectiveness, as per the CCP statement.

He emphasized that a strong competition framework is vital for safeguarding consumer rights, guaranteeing market transparency, and promoting sustainable economic advancement.

The meeting involved a review of ongoing legal disputes, an examination of administrative and regulatory actions aimed at stabilizing the sugar market, and discussions on proposals intended to bolster the CCP’s institutional capabilities. The goal is to promote economic efficiency, protect consumers, and cultivate a transparent and competitive business environment.