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ISLAMABAD, Jul 21 (APP):Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, said Monday that the Competition Commission of Pakistan’s new management, appointed in August 2023, has introduced key reforms to enhance institutional performance.
Responding to a Senate motion by Senator Mohsin Aziz on the performance of the Competition Commission, Senator Muhammad Aurangzeb warned that cartelization, insider trading, and unfair trade practices threaten Pakistan’s economy, reaffirming the government’s resolve to eliminate them.
He emphasised the critical role of a robust regulatory regime in safeguarding the interests of both investors and consumers.
He reiterated that the private sector must drive economic activity, but within a framework of effective checks and balances to ensure transparency and public trust.
Highlighting institutional oversight, the minister noted that the new management of the Competition Commission of Pakistan (CCP) assumed office in August 2023. He recommended that the newly appointed CCP chairman be summoned to the Senate Standing Committee on Finance to present a comprehensive performance report and clarify the Commission’s progress under the current leadership.
Sharing details of Competition Commission’s performance, the Finance Minister informed that the Competition Commission of Pakistan (CCP) has disposed of 224 out of 567 court cases over the past two years—resolving more than half.
Since August 2023, the Commission has issued 11 major enforcement orders and recovered PKR 120 million in penalties.
The Finance Minister said the Competition Commission of Pakistan (CCP) has established a Market Intelligence Unit (MIU) and a Center of Competition Research, both leveraging data-driven methods and AI models to monitor market patterns and detect anti-competitive behavior. The MIU tracks market behavior and refer potential breaches to enforcement teams, supporting CCP’s regulatory efforts with data-driven insights, policy input, and global best practices.
The Finance Minister said the Competition Commission of Pakistan (CCP) has shifted to proactive enforcement, identifying 170 potential violations across 28 sectors, including real estate, telecom, banking, and e-commerce. He added that 17 merger and acquisition cases were disposed of, while 83 regulatory exemptions were granted—primarily in the pharmaceutical, energy, and banking sectors.
The Finance Minister said inflation has dropped from 38 percent to single digits, alongside reductions in the policy rate and mark-up. Price monitoring remains a regular agenda item for both the Economic Coordination Committee and the Price Monitoring Committee, with efforts underway in coordination with provincial governments.
Responding to PTI Senators’ queries over the surge in sugar prices, the Finance Minister pressed for answers on the sugar scandal inquiry commission’s outcome under the PTI government, questioning what punitive steps were taken against those implicated in the sugar scandal.