Ammon News - The Lower House Economy and Investment Committee, chaired by MP Omar Naber, on Sunday approved a number of articles of the draft law amending 2022 Competition Law.

In its meeting, Naber said the committee will examine all proposals and recommendations to endorse a "modern" competition law that keeps pace with the Economic Modernization Vision (EMV), which would overcome difficulties and preserve free competition, thus contributing to advancing Jordan's economy.

Naber noted the committee is concerned with making amendments to ensure protection and promotion of "free and effective" competition in Jordan's market by reviewing provisions related to prohibiting anti-competitive practices, preventing market monopoly and stiffening penalties for law violators.

The MP also said amendments should ensure stable prices in the local market and preserve small merchants' rights.

For his part, Minister of Industry, Trade and Supply and Minister of Labor, Yousef Shamali, said the bill comes within a series of legislation related to EMV, which would protect and promote "free and effective" competition in the Kingdom's market.

He reviewed the bill's mandating reasons, which aim to protect free and effective competition in the Kingdom by revamping provisions related to banning unfair competition practices, preventing monopoly and stiffening penalties for law violators.

Under the bill's validating reasons, Competition Directorate at Jordan's Ministry of Industry, Trade and Supply is granted additional powers to ensure proper implementation of the law and protect market competition.

In this regard, this directorate could request the competent court to issue an urgent verdict to stop or prevent any behavior that breaks Competition Law, or impose rectifying measures until a final ruling is issued.