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New commercial law aims to tackle monopoly in Kuwait
October 8, 2017, 5:50 pm
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Kuwait's minister of commerce and industry has laid out the executive regulations of a law seeking to break a long-standing commercial monopoly, giving 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 the ministry of commerce cited Khaled Al-Roudhan as saying.

Al-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, added the statement.

Meanwhile, as per new regulations, all businesses and companies involved in illicit transactions will face legal action, the law warns. Kuwait's national assembly endorsed a law in February 2016 aiming to regulate commercial agencies.

Source: KUNA

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