The government will soon finalise a draft law on antitrust and competition, and submit it to the National Assembly for approval, Ministry of Commerce senior official told The Post on Wednesday.
Its General Department of Consumer Protection, Competition and Fraud Prevention director-general Phan Oun said a departmental working group on Monday discussed investigative procedures under Chapter 4 and penalties under Chapter 6.
The ministry submitted the draft articles to the Ministry of Justice for approval before they are set to be discussed at the Office of the Council of Ministers.
“The draft law on antitrust and competition is very useful for business. First, it promotes fair trade relations. Second, it increases economic efficiency in doing business in Cambodia,” he said.
Commerce ministry spokesman Seang Thay told The Post that an inter-ministerial committee had previously discussed the law at the Office of the Council of Ministers.
He said the justice ministry was currently reviewing the final chapter, which covers penalties.
“After it approves the final chapter, we will take the draft to the plenary session of the Council of Ministers and then submit it to the National Assembly. We hope the law will be finalised soon,” he said, adding that the law comprises seven chapters and 47 articles.
Hong Vannak, a business researcher at the Royal Academy of Cambodia, said if the law is ratified, the Kingdom would attract more foreign investors and ease their worries in trade dispute resolutions.