The Egyptian House of Representatives will discuss on Sunday a report on a draft law submitted by the government to amend some provisions of the Law on Protection of Competition and Prohibition of Monopolistic Practices no. 3 of 2005.
The draft law introduces new rules for the prior control of economic concentration operations in line with the best international practices in force in developed countries around the world, the report drafted by a joint parliamentary committee read.
The joint committee includes members of the economic affairs committee, the legislative and constitutional affairs committee, and the plan and budget committee.
The amendment to the law come in line with the Egyptian state’s strategy and efforts to advance economy and raise its level of competitiveness, the report said.
The report noted that introducing such new rules would work to advance economic development, and encourage and attract all forms of investments.
Article 19 bis A of the law requires the concerned persons to notify the Egyptian Competition Authority (ECA) of any economic concentration that meets the conditions described before implementing it.
The article also prohibited the implementation of economic concentration before obtaining approval from the ECA.
The Law on Protection of Competition and Prohibition of Monopolistic Practices no. 3 of 2005 aims to ensure that the economic activity does not damage, prevent, or put restrictions on the freedom of competition.
To ensure this, the law sets out some rules that regulates the economic activity of persons in the market.