Pricing Committee jurisdiction transferred to Ministry of Commerce

In a move to enhance market oversight and streamline pricing regulation, the Ministry of Social Affairs, the Ministry of Commerce and Industry, and the Federation of Cooperative Societies have signed a cooperation protocol officially transferring the authority of the Price Committee from the Federation to the Ministry of Commerce.

In a joint press statement, the two ministries confirmed that the agreement includes establishing the legal and administrative frameworks necessary to complete the transfer. This encompasses handing over all electronic systems and price archives to the Ministry of Commerce, as well as facilitating procedures related to the committee’s ongoing work and accelerating responses to company circulars, reports Al-Rai daily.

The agreement is in direct implementation of a Cabinet directive calling for the shift in jurisdiction in accordance with existing laws. The parties emphasized that the move would preserve the rights of all stakeholders and respect the legal mandates assigned to each entity under current regulations.

The statement concluded with a reaffirmation of the three parties’ shared commitment to jointly monitor and regulate prices to protect consumer interests and support market stability across Kuwait.