Parliament Passes Amendments to Competition Protection Act
Bulgaria's Parliament passed at second reading amendments to the Competition Protection Act regarding the large retail chains, reports Dnevnik.bg.
The amendments will regulate the business relations between the large retail chains and the suppliers and will impose a number of restrictions on the chains.
They also introduce the term “stronger negotiating position”. The abuse of such position, according to the new rules, will bring a fine of up to 10% of the retail chain turnover, generated by the product or service in question. The amendments will force the retailers to offer to their suppliers uniform contracts, subject to approval by the Competition Protection Commission (CPC).
The amendments have been harshly criticized in a World Bank report, ordered by the Government, the retailers and EuroCommerce. According to them, the new rules will lead to higher food prices and damages to the local suppliers.
According to the MPs who tabled the amendments, however, they will better protect the interests of the local suppliers and producers.
- » Bulgaria’s Caretaker Govt Approves Draft Update of Budget 2014
- » Bulgarian, Ukrainian Chambers of Commerce, Industry Ink Cooperation Agreement
- » Energy Watchdog Approves Electricity Price Hike
- » President Plevneliev: Bulgaria's Trade with Germany Increased by 64% in 2009-2013
- » Business, Trade Unions Reject Draft Budget Update
- » Bulgaria’s GDP Growth Intensifies in Q2 2014