Draft law adopted by Parliament aims to eliminate monopoly tendencies on economic activity

Milli Majlis (Azerbaijan's Parliament) discussed and adopted the draft law on Approval of the Competition Code in the second reading, Azernews reports.

The project was presented by Tahir Mirkishili, chairman of the Parliament's Committee on Economic Policy, Industry and Entrepreneurship.

The Code will serve to prevent the abuse of the dominant position and ensure competitive neutrality, and will also create an opportunity to stimulate the activity of business entities.

The draft law creates a comprehensive legal framework that allows eliminating the negative effects of monopoly tendencies on economic activity and the state budget in the direction of developing the competitive environment and strengthening the institutional base.

The Competition Code contains the legal basis for the prevention of monopolistic tendencies of economic subjects in a dominant position in the market, determination of cartel-type relationships, organization of effective control over the activities of natural monopolies, elimination of unfair competition cases, and effective organization of state competition control.

After discussions, the draft law was put to the vote and adopted in the second reading.

It should be noted that the Competition Code was prepared and submitted to the Milli Majlis in 2006. Although the bill passed two readings, it was not discussed in the third reading.