The Competition Commission of Pakistan (CCP) and the State Administration for Market Regulation (SAMR) of China signed a Memorandum of Understanding (MoU), during Prime Minister Shehbaz Sharif’s visit to China.An important turning point in Sino-Pakistani ties, the Memorandum of Understanding (MoU) seeks to strengthen bilateral collaboration in the area of competition law and policy.
SAMR, a ministerial-level organization within the State Council of China, is in charge of controlling markets and upholding anti-monopoly legislation. With the signing of the MoU, the two countries will now work together on antitrust matters.
A prominent Chinese team headed by Dr. Gan Lin, the SAMR Vice Minister, paid the CCP a visit on October 19, 2023. The strategic significance of a partnership centered on improving market regulations, offering training and capacity building, sharing expertise in cartel detection, and working together on research projects to improve regulatory efficiency was brought up in discussions between Vice Minister Gan Lin and CCP Chairman Dr. Kabir Ahmed Sidhu.
With the start of the second phase of the China-Pakistan Economic Corridor (CPEC), China is expected to further enhance its enormous investments in Pakistan.
The CCP is creating a thorough legal and regulatory framework to support this expansion. A framework for cooperation through bilateral meetings, workshops, training courses, joint research projects, and information sharing is outlined in the Memorandum of Understanding.
In order to maintain consumer welfare and market efficiency, the MoU seeks to guarantee the fair and efficient application of competition legislation. Through the promotion of technical cooperation and information exchange, this partnership will fortify bilateral relations and establish advantageous circumstances for economic growth.
In the sixteen-year existence of the Commission, this is its first foreign memorandum. Furthermore, MOUs will shortly be signed by CCP with Egypt’s, Turkey’s, and Russia’s competition authorities. Through increased cooperation in competition law and policy, this Memorandum of Understanding (MoU) opens a new chapter in Pakistan-China relations by fostering deeper economic linkages and mutual advantages.
