https://en.sputniknews.africa/20230517/eac-to-reconcile-fair-competition-legislation-by-the-end-of-2024-1059303666.html
EAC to Reconcile 'Fair' Competition Legislation by the End of 2024
EAC to Reconcile 'Fair' Competition Legislation by the End of 2024
Sputnik Africa
The EAC hopes to have established a set of uniform regulations governing business competitiveness and safeguarding the market against violations by the end of the next year, reports say.
2023-05-17T10:34+0200
2023-05-17T10:34+0200
2023-05-17T10:34+0200
sub-saharan africa
east african community (eac)
kenya
trade
agreement
business
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The EAC hopes to have established a set of uniform regulations governing business competitiveness and safeguarding the market against violations by the end of the next year, reports say.This resulted from the Memorandum of Understanding (MoU) that the EAC and Kenya's watchdog, the Competition Authority of Kenya (CAK), signed on May 16 in Naivasha, Kenya.The agreement aims to unite watchdogs from the EAC member states to establish consistent rules on mergers, acquisitions, and other business transactions that may frequently breach fair competition regulations.Moreover, the model based on the agreement "will be informed by the applicable notification system in the Common Market," Wario stated.The Customs Union and the Common Markets have been the two main cornerstones of the EAC's efforts to promote trade. However, the grouping asserts that for the area to foster common tendencies under its purview, regulating competition is essential.According to Lilian Mukoronia, the EAC Competition Authority Registrar, the unified framework would help nations execute the bloc's pillars.Other noteworthy achievements, according to her, included removing trade restrictions, offering customers in partner states reasonably priced, high-quality goods, and safeguarding market participants from anti-competitive behavior.While acknowledging there were still many instances of "unfair" competition, she stated the regional agency will impose competition policy and legislation.
https://en.sputniknews.africa/20230504/africa-is-growing--attractive-market-russian-automobile-company-director-says-1059038406.html
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memorandum of understanding, customs union, common markets, promote trade, earlier this week, the eac, east african community, competition authority of kenya, the cak, signed a memorandum of understanding, memorandum of understanding, create common rules, common rules and regulations, african continent, african countries, business activities, cak acting director-general, adan wario
memorandum of understanding, customs union, common markets, promote trade, earlier this week, the eac, east african community, competition authority of kenya, the cak, signed a memorandum of understanding, memorandum of understanding, create common rules, common rules and regulations, african continent, african countries, business activities, cak acting director-general, adan wario
EAC to Reconcile 'Fair' Competition Legislation by the End of 2024
Earlier this week, the East African Community (EAC) and the Competition Authority of Kenya (CAK) signed a Memorandum of Understanding (MoU) in order to create a space for common rules and regulations on such business activities as mergers, acquisitions and other activities.
The EAC
hopes to have established a set of uniform regulations governing business competitiveness and safeguarding the market against violations by the end of the next year, reports say.
This resulted from the Memorandum of Understanding (MoU) that the EAC and Kenya's watchdog, the Competition Authority of Kenya (CAK), signed on May 16 in Naivasha, Kenya.
The agreement
aims to unite watchdogs from the EAC member states to establish consistent rules on mergers, acquisitions, and other business transactions that may frequently breach fair competition regulations.
"By the end of December 2024, the two agencies have committed to, among others, review and streamline merger notification guidelines, development and implementation of information sharing framework for cross-border laws," CAK acting Director-General Adan Wario told local media.
Moreover, the model based on the agreement "will be informed by the applicable notification system in the Common Market," Wario stated.
The Customs Union and the Common Markets have been the two main cornerstones of the EAC's efforts to promote trade. However, the grouping asserts that for the area to foster common tendencies under its purview, regulating competition is essential.
According to Lilian Mukoronia, the EAC Competition Authority Registrar, the unified framework would help nations execute the bloc's pillars.
"The aim of the [MoU] is to ensure we carry out investigation and research in uniformity while ensuring competitiveness among the member states," she noted.
Other noteworthy achievements, according to her, included removing trade restrictions, offering customers in partner states reasonably priced, high-quality goods, and safeguarding market participants from anti-competitive behavior.
While acknowledging there were still many instances of "unfair" competition, she stated the regional agency will impose competition policy and legislation.
