Ministry of Commerce takes over responsibility for consumer prices committee from Cooperatives
The Kuwaiti government has taken a significant step towards improving consumer protection and streamlining price regulation by transferring the Cooperative Societies' Pricing Committee from the Ministry of Social Affairs to the Ministry of Commerce and Industry [1][2][4]. This move consolidates price control oversight under the Ministry of Commerce, which is better equipped to manage commercial activities and pricing policies more effectively across sectors, including cooperative societies.
The transfer of responsibilities is governed by a cooperation protocol signed between the Ministries of Social Affairs and Commerce [1]. The new committee, operating under the Ministry of Commerce, will be responsible for comparing prices, analysing product costs, and establishing standardized pricing mechanisms. This centralisation of the pricing process for companies supplying goods to cooperative societies is expected to foster accountability, transparency, and ultimately benefit the Kuwaiti consumer [1][2].
The electronic platform, planned to be launched by the Ministry of Social Affairs in collaboration with the Federation of Cooperative Societies, will further enhance transparency and unify pricing across all cooperatives [3]. This platform aims to protect consumer interests and provide a tool for comparing and tracking product prices. The committee, which will include representation from the Federation of Cooperative Societies, ensures a tripartite collaboration in the pursuit of these goals [2].
The initiative was taken following instructions from the Cabinet, with Minister of Commerce and Industry Khalifa Al-Ajeel and Minister of Social Affairs Dr. Amthal Al-Huwailah leading the transition [5]. Al-Mutairi, the Minister of Commerce, praised the shift as a transition from mere cooperation to full integration between ministries.
In conclusion, the impact of this transfer is expected to be positive for consumer protection and pricing regulation in Kuwait. It centralises responsibilities related to price monitoring and regulation, potentially leading to more efficient price control, transparency, and consumer safeguards under the Ministry of Commerce and Industry's oversight [1][2][4]. This move is a testament to the government's commitment to protecting consumers and ensuring fair pricing practices in the country.
The committee, now under the Ministry of Commerce, will be managing both the comparison of prices and analysis of product costs within the business sector, trying to establish standardized pricing mechanisms. This centralization, aimed at fostering accountability, transparency, and consumer benefits, is part of a broader initiative for consumer protection and efficient pricing regulation in finance and business sectors.
