CCP reforms to tackle cartelisation, malpractices now bearing fruit: minister

ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the government was fully committed to addressing cartelisation, insider trading and unfair trade practices that pose serious threats to Pakistan’s economy.

Speaking during a session of the Upper House, Aurangzeb noted that the current management of the Competition Commission of Pakistan (CCP) has introduced comprehensive reforms to enhance the commission’s performance.

He informed the Senate that over 50 per cent of the CCP’s 567 court cases have been resolved with the issuance of 11 major enforcement orders and recovery of over Rs180 million since August 2023.

Additionally, he said, a market intelligence unit and a centre of competition research have been established to monitor market patterns and anti-competitive activities using data drones and AI models.

The finance minister said that the CCP is now proactively identifying violations instead of waiting for complaints, having detected 170 potential breaches across 28 sectors including real estate, telecom, banking, and e-commerce.

Seventeen merger and acquisition cases have been processed, and 83 regulatory exemptions have been granted, particularly in the pharmaceutical, energy, and banking sectors, he said.

On inflation, Aurangzeb pointed out that last year’s inflation rate of 38 per cent has now significantly decreased.

He highlighted a decline in the policy rate and monthly inflation, crediting ongoing oversight by the ECC and the National Price Monitoring Committee.

Referring to committees formed by previous governments, the minister remarked that proper follow-up on their recommendations could have altered current economic conditions.

He emphasised that the current government is pursuing all measures with transparency and robust institutional mechanisms.

He also proposed that the CCP chairman be invited to the Senate finance committee to present a detailed report on the commission’s performance and future strategy.