Dhaka, June 17 (UNB) – Parliament on Sunday passed a bill providing for measures against syndication to ensure healthy competition in trade and commerce.

Commerce Minister GM Qader introduced the bill, titled `The Competition Bill, 2012’.

Independent member Fazlul Azim (Hatiya-Noakhali) opposed the bill saying that the nomenclature of the bill itself is faulty as it did not specify as to what the competition is about. “Is it political competition or competition in the Olympics?” he asked.

In defence of the bill, Commerce Minister GM Qader said that some vested individuals and institutions are trying to derive financial benefit by taking advantage of free economy and liberal trade arrangements in the country.

Consequently, he said such trend hampers the interest of the consumers on one hand and on the other it casts negative impact on overall economic activities.

GM Qader said it has become extremely urgent to introduce the Competition Law to ensure a healthy market atmosphere and stabilize the prices of essentials. “If this bill is executed, the market will control the price, not the traders.”

In the absence of any law on competition, he said some dishonest traders form syndicate, fix the price for a particular commodity and hinder normal supply of different goods in their bid to control the market.

The Commerce Minister said that some businessmen, abusing their dominant position, may control the market and create hindrance to new businesses entering the market.

He said the Competition Law has been introduced in India, Sri Lanka and the member states of UNCTAD, and it is functioning effectively in those countries.

The bill proposed to form a Commission to enforce and implement the Competition Law to resist anti-competition designs and ensure healthy competition for all, particularly small and medium industries.

The House passed the bill by voice vote after it rejected Azim’s motion to elicit public opinion on the bill as well as the proposed amendments.