Uzbekistan Takes Steps to Foster Healthy Competition in Markets
Economy
The President of Uzbekistan has signed a new law (No. O‘RQ-954, dated 04.09.2024) aimed at promoting healthy competition in the country’s goods and financial markets. The law introduces amendments to several legal regulations, reinforcing competitive practices in the economy.
One key change is that any legal projects related to state assistance must now be coordinated with the Competition Development and Consumer Rights Protection Committee. This measure is expected to strengthen competition and reduce monopolistic practices in various industries.
Amendments to the “Competition Law” clarify that entities recognized as natural monopolies will have their primary activities defined based on their monopoly status. This helps ensure better regulation of such entities and prevents unfair market dominance.
In an effort to liberalize the penalties system, the law also stipulates that first-time offenders of competition law, who cause minimal economic harm, will not face financial sanctions. This move is designed to support small and medium-sized enterprises, reducing their regulatory burdens.
The law takes effect from the day of its official publication and marks an important step toward ensuring a more competitive and fair marketplace in Uzbekistan.
Amendments to the “Competition Law” clarify that entities recognized as natural monopolies will have their primary activities defined based on their monopoly status. This helps ensure better regulation of such entities and prevents unfair market dominance.
In an effort to liberalize the penalties system, the law also stipulates that first-time offenders of competition law, who cause minimal economic harm, will not face financial sanctions. This move is designed to support small and medium-sized enterprises, reducing their regulatory burdens.
The law takes effect from the day of its official publication and marks an important step toward ensuring a more competitive and fair marketplace in Uzbekistan.
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