The lack of a regulatory body and laws for shipping companies has affected trade, President KATI

Due to the lack of uniform laws for shipping companies, the shipping companies increased the prices arbitrarily, which caused serious damage to the country’s trade. President KATI Farazur Rahman stated this on the occasion of the visit of the Chairperson Competition Commission of Pakistan to KATI.

On this occasion, Chairperson of the Competition Commission of Pakistan Rahat Kaunain Hassan, Senior Vice President KATI Nighat Awan, Vice President Muslim Mohamedi, Maheen Salman and others were also present.

Faraz Ur Rehman further said that the role of the competition commission is very important; no country can develop without creating an atmosphere of equality. He said trade suffered due to the absence of equality legislation for shipping companies. Faraz Ur Rehman has formed a committee for consultation and cooperation with the Competition Commission and appointed Vice President Muslim Mohamedi as its head.

President KATI said that the joint committee would submit its recommendations to the Competition Commission so that the level of equality in the market is maintained and the country is developing.

At the occasion, Chairperson of the Competition Commission of Pakistan Rahat Kaunain Hassan says that eliminating a cartel makes it possible to reduce the price in the market by 20 per cent. We have fined 150 million rupees this year in violation of the competition laws.

The Chairperson of the Competition Commission added that the institution’s responsibility is to establish competition and provide a level playing field in the industry by eliminating any form of monopoly. The Competition Commission also prevents unnecessary price increases by applying various rules. She said that in this regard, the institution has also imposed fines on most companies that established cartels and monopolies in markets. Still, most cases get delayed due to stay orders. She said that the Competition Commission had conducted investigations and fines in the past to end monopolies in the cement, sugar and poultry industries. However, most of the cases are still pending due to litigation. She said that if respectable association like KATI cooperates in actions against monopoly and abnormal increase in prices in the industry, inflation, hoarding, and profiteering can be avoided in the country.

Photo Caption: KATI President Faraz Ur Rehman presents the shield to the Chairperson of the Competition Commission of Pakistan, Rahat Kaunain Hassan. Nighat Awan, Muslim Mohammadi, Maheen Salman, and Nasir Sheikh are also present.

Posted in Ports & Shipping News.

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