KUWAIT: The UN Economic and Social Commission for Western Asia (ESCWA) and the Arab Competition Network (ACN) have heaped equal praise on Kuwait's efforts to protect consumers from commercial fraud, saying these measures help create competition that is both effective and beneficial. Kuwait's competition protection agency has made much progress over the last decade, helping "regulate the local market," ESCWA economic affairs chief Natalya Khaled told a joint conference over existential challenges.
Echoing her sentiments, the ACN head cited a raft of legislative reforms in Kuwait as the catalyst behind more stringent competition policies and consumer protection laws in the country, which help foster more efficient regulatory practices in the market. The two-day gathering aims to shed light on the pivotal role the Kuwaiti body plays in its efforts to regulate the market and protect consumers from potential ill practices.
Meanwhile, Promoting Competition Conference "Challenges and Ambitions," concluded on Wednesday with recommendations to revitalize laws and regulations towards fair competition, which in turn aid in the development of Arab economies. The participants called for the signing of agreements and Memorandums of Understandings (MoU) between Arab and international parties to boost fair competition.
The participating parties of the conference called for developing national capabilities to boost the roles of governments and private sector in protecting competition from monopoly. The two-day conference was organized by the Kuwaiti Competition Protection Agency (CPA) in collaboration with the United Nations Economic and Social Commission for Western Asia (ESCWA). - KUNA