(MENAFN - Muscat Daily) Muscat -
The Competition Protection and Monopoly Prevention Center (CMC) organised its first sectoral engagement meeting with the representatives of Oman's automotive distribution sector.
The sectoral engagements by the CMC aim to implement the competition protection and monopoly prevention law in Oman, according to an Oman News Agency report.
The meeting was attended by H H Sayyid Adham bin Turki al Said, chairman of the Competition Protection and Monopoly Prevention Center and the board members of the centre. The session was joined by directors, chief executives and their representatives from Oman's automotive distribution sector.
The sectoral meeting was held as a part of an awareness campaign organised by the CMC to highlight the importance of a free market economy system where prices of goods and services are determined by the market demand and supply.
During the meeting, the participants discussed the competition protection and monopoly prevention law issued by Royal Decree 67/2014, and amended by Royal Decree 22/2018. The discussions highlighted the prohibited practices (defined by the law), which violate or curb free competition in the market. Furthermore, the centre conveyed the concerns received from market participants about practices that may affect competition within the sector.
H H Sayyid Adham said, 'These sectoral meetings are part of the centre's efforts to strengthen the legal awareness of the competition protection and monopoly law and the measures taken to protect the trading parties. The centre intends to hold a number of sectoral meetings targeting various vital sectors as part of its awareness campaign.'
The CMC was established by Royal Decree 2/2018, with a mandate uphold the laws and regulations relating to competition protection and monopoly prevention, protecting markets from abusive practices, preparing studies and researches to detect harmful practices in the market competition.