KUWAIT: The minister of commerce and industry has laid out executive regulations of a law seeking to break long-standing commercial monopolies, paving the way to economic reforms. The law seeks to "establish a closer rapport between agents and clients" through eliminating a monopoly in place since 1964, which in turn would lead to economic development, a statement by Khaled Al-Roudhan said. Roudhan, who is also acting minister of state for youth affairs, said that the law states that agents are contractually obligated to distribute, sell or promote goods and services in adherence to state rules. Meanwhile, as per the new regulations, all businesses and companies involved in illicit transactions will face legal action, the law warns. The National Assembly endorsed a law in Feb 2016 aiming to regulate commercial agencies.
Kuwait - Other News
MOCI - Ministry of the Commerce and Industry
New law to tackle monopoly
October 08, 2017 09:32 PM