Instances are aplenty in this part of the world where well-intended initiatives of the government have failed to deliver results for lack of necessary follow-up measures. The Competition Commission (CC), according to a report published in this paper Saturday, is one such move that is yet to take off, and meet, among others, the objective of creating a level-playing field for all entrepreneurs and checking market manipulation. The Jatiya Sangsad five years back had passed a law providing for the creation of the Commission that was, however, formed partially in 2016 when the government appointed its chairman and two members. None knows for sure when a full-fledged Commission would be formed and rules and regulations, under the relevant act, be adopted to help this important body screen out anti-competition activities and take punitive actions against wrongdoers.
The formation of CC is a part of essential reforms that the country's trade and businesses have been waiting for long. But the root of the problem lies with the bureaucracy that is slow and highly reform-averse. The bureaucrats are found swift and serious in implementing programmes and projects that would accrue benefit for them. They are found particularly lax about implementing reforms and uninterested in forming regulatory or watchdog bodies. Such unsavoury attitudes have been manifested time and again during the birth of a number of regulatory bodies, including the Financial Reporting Council (FRC) and the Insurance Development Regulatory Authority (IDRA), and drafting of rules and regulations under the relevant acts.
The policymakers concerned need to gear up the activities relating to the CC since its smooth operations are necessary to ensure fair trade practices that would largely benefit the consumers. One cannot but accept a hard reality that, unfair trade practices and competition are rampant in Bangladesh. These have been causing damage to consumers' interest and giving rise to frequent allegations of 'syndication' in trading many essential consumer goods and products. Consumers very often fall victims to unfair trade practices by a section of unscrupulous traders who control the import and trade of essential items. In the absence of regulatory control these traders/importers dictate their terms to the consumers. Others in the same business, as it happens in the case of general consumers, have no other options but to watch and suffer.
Under the circumstances, the government does need to take practical steps to help early activation of the Commission with an investigation wing capable of carrying out its job efficiently. Proper investigation in unfair business practices would be one of the key factors to ensure efficient operation of the CC. One should keep in mind that weak investigation in the relevant areas is a major weakness of most of the regulatory bodies in Bangladesh. However, such failure is very much linked to the country's overall governance problem. A healthy regulatory environment could be ensured only when the country is better governed and the rule of law is upheld by the people at the helm of state.