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Parliament passes competition law
Parliament passed a version of the competition law. The law is exceptionally important in light of the collapse taking place today, because it legislates the fight against monopolies and cancels the protection granted to exclusive agents, which paves the way to reducing prices and controlling inflation rates. But the deputies insisted on including some clauses that prevent the law from achieving its objectives.
The law defines market dominance as one party controlling 35% of the sales of a particular type of commodity. 35% is considered a high percentage that allow three or four companies to dominate the market for a particular commodity without any of them qualifying as a monopoly.
The law also stipulates that some exclusive agents will continue to operate for a period of up to three years, and grants them legal protection.
The law also links the implementation of its clauses to the formation of the National Competition Authority. The application of the law could therefore be disrupted if decrees to constitute the authority are delayed.