ISLAMABAD: The Competition Commission of Pakistan (CCP) has started negotiations with the Federal Antimonopoly Service (FAS) of the Russian Federation for bilateral cooperation.
The federal government has approved the commencement of negotiations.
Under the leadership of Dr Kabir Ahmed Sidhu, the CCP has intensified its efforts to forge partnerships with key regulatory bodies worldwide. This initiative is aimed at enhancing CCP’s international standing, with a particular focus on improving its current rating of three stars out of five.
The FAS is at the forefront of implementing a robust digital agenda. Russia has enacted legislation to facilitate the digitalization of the economy. Pakistan stands to gain valuable insights and expertise from the Russian experience in this regard.
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The signing of a Memorandum of Understanding (MoU) with the Russian regulator is expected to facilitate capacity building for CCP, especially in the realm of digitalisation. The collaboration will also pave the way for joint research projects in crucial enforcement areas, which will further strengthen CCP’s enforcement capabilities.
Both CCP and FAS recognise the importance of promoting fair competition, enhancing market efficiency, and safeguarding consumer welfare. The proposed MoU aims to establish a framework for bilateral relations based on principles of equality and mutual benefit.
By partnering with FAS, CCP aims to gain valuable insights into emerging challenges such as digital markets and cross-border cartelization. This collaboration will also help in eliminating entry barriers and addressing anti-competitive practices, thereby creating opportunities for Russian companies to invest in Pakistan and contribute to the development of various markets in the country.
Overall, the collaboration between CCP and FAS aligns with CCP’s broader objectives of enhancing its international presence and promoting a positive perception of Pakistan on the global stage as an attractive marketplace for investors.
Copyright Business Recorder, 2024
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