Dec 5 is world competition day

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SME Times News Bureau | 05 Dec, 2011
Competition watchdogs across the world will celebrate World Competition Day on Dec 5 and the theme this year is 'cartels and their harmful effects on consumers'.

Countries including Armenia, Namibia, Zimbabwe, Pakistan, Gambia, Fiji, Russia, Zambia and United Kingdom have already expressed their support for the World Competition Day.

"There is enough evidence to suggest that cartels exist in various sectors in the country, and public concerns have also been raised on a number of occasions against them," said Consumer Unity & Trust Society (CUTS) -- a non-profit organisation working on consumer protection issues.

Cartels are a type of restrictive trade where players in the same business connive to raise prices, distribute customers or restrict the supply/availability of products in the market.

"Aberration in production, prices and availability of goods and services, particularly in the prevailing inflationary environment has prompted a renewed discourse on the possibility of cartels in sectors such as drugs, tyre, milk, film production and distribution, cement, sugar etc," the organisation added.