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 Expects 10% Rise in Tourist Numbers in Summer 2016
- » Bulgaria Says Gas Link with Romania to Be Completed in Autumn 2016
- » Bulgaria Says China Proposing to Invest USD 100 M in Car Wheel Plant in Ruse
- » Ukraine, Romania, Bulgaria to Test Bi-Directional Gas Flows by Year's End
- » Bulgaria’s Jan-May Current Account Balance Turns to Surplus
- » Bulgaria to Pay Debts to 2 Airports Put Up for Concession