As part of the government efforts to manage prices and safeguard consumer interests, a memorandum of understanding and collaborative agreement have been executed between the Federation of Consumer Cooperative Societies and the Ministry of Commerce and Industry. This partnership aims to oversee the pricing of commodities and services within cooperative societies and supermarkets.
The agreement was formalized in the presence of Sheikh Firas Al-Sabah, the Minister of Social Affairs, Family, and Childhood Affairs, as well as Muhammad Al-Aiban, the Minister of Commerce and Industry and Minister of State for Youth Affairs, reports Al-Qabas daily.
In a collective statement, the officials underscored that the memorandum’s signing was a significant step toward fostering productive and cooperative interaction between the Union of Consumer Cooperative Societies and the Ministry of Trade and Industry.
The statement clarified that the memorandum was signed by Abdul Wahab Al-Faris, the President of the Union of Consumer Cooperative Societies, and Ziyad Al-Najm, the Undersecretary of the Ministry of Trade and Industry.
The agreement spans a 12-month period with provisions for renewal, as mutually agreed upon. This framework emphasizes comprehensive cooperation and empowers the Ministry of Trade and Industry to access the price database maintained by the Union of Consumer Cooperative Societies.
This cooperative exchange aims to maximize coordination and integration of shared data, ultimately bolstering price oversight within cooperative societies and parallel markets, all in the interest of consumer protection.
The statement highlighted that the collaborative efforts delineated by the memorandum encompass utilizing the product database to provide monitoring services for market prices within cooperative societies and parallel markets. The dataset encompasses vital product details such as product name, brand, size and weight, country of origin, price, and product barcode.
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