Finance Minister Lauds Competition Commission’s Performance

Federal Finance Minister Muhammad Aurangzeb has voiced his approval of the Competition Commission of Pakistan’s (CCP) effectiveness, noting substantial progress, particularly in decreasing the number of pending legal cases.

During his address to the Senate, the finance minister suggested that the chairman of the Senate Standing Committee on Finance and Revenue extend an invitation to Dr. Kabir Sidhu, Chairman of the CCP, for a comprehensive briefing. This would allow for a greater understanding of the extensive reforms implemented by the commission.

He informed the assembly that over the past couple of years, the CCP’s current leadership has vigorously pursued litigation across various courts. This action has reduced the backlog of cases from 577 to approximately 300.

Responding to a motion put forth by Senator Mohsin Aziz, the minister emphasized that a clear and resilient regulatory structure is vital in a market-driven economy to promote competition and ensure responsibility. He emphasized the CCP’s recent achievements as both critical and deserving of backing.

He revealed that the CCP had issued 11 significant directives in the past year alone, resulting in fines totaling over Rs1 billion. Of this sum, nearly Rs120 million has already been successfully recovered.

The inquiry procedures have been accelerated, the issuance of show-cause notifications has been made more effective, and the overall hearing process has been enhanced to guarantee prompt action against those in violation.

The minister further commented that the CCP’s Cartels Department concluded 20 inquiries during the current fiscal year, while the Office of Fair Trade finalized 13 investigations pertaining to deceptive advertising and misleading marketing tactics. These investigations have resulted in the issuance of show-cause notifications and the commencement of official hearings, he noted.

He also informed the Senate about the creation of a specialized Market Intelligence Unit within the CCP, designed to proactively monitor market irregularities, price manipulation, and other possible breaches of competition law.

The minister stated that the unit has thus far recognized 170 potential violations across sectors such as banking, e-commerce, telecom, and real estate, leading to the initiation of 28 inquiries.

The CCP highlighted its role in fostering investment, mentioning that the commission’s Mergers Department sanctioned 69 transactions during the current year, culminating in transactions worth $30 million in foreign direct investment (FDI). Moreover, the Exemptions Department approved 83 exemptions, aiding in the simplification of business operations.

He concluded by noting that a Centre of Excellence has been founded within the Commission to perform research and data-centric analysis of diverse market sectors.