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Georgia approves amendments to law on development of free trade and competitive market

Business Materials 17 September 2020 17:04
Georgia approves amendments to law on development of free trade and competitive market

BAKU, Azerbaijan, Sept.17

By Tamilla Mammadova – Trend:

The parliament of Georgia has approved amendments to the Law of Georgia on Competition, Trend reports via Georgian media.

These amendments set the principles for protecting free and fair competition from unlawful restrictions to spur on the development of free trade and a competitive market.

Chairman of the Competition Agency of Georgia Irakli Lekvinadze said that the amendments were prepared with the active involvement of EU experts and the best practices of European countries. He said that now the Law of Georgia on Competition is closer to the DCFTA requirements.

There will be a unified legal framework - regulators remain obliged to enforce competition in their sectors, although they will be governed by the Law of Georgia on Competition (except for the communications sector until January 1, 2026).

Regulators will look into whether an action-maker (or concentration participant) of both entities is operating in a regulated area. In all other cases, the competent authority will be the Competition Agency

The governing body of the agency will have five members on the board. Candidates for members of the council, nominated by the prime minister, will be elected by parliament for a term of five years. Board members will make decisions on key issues and procedural issues

There is also the new position of Executive Director, who will be appointed by the prime minister and will coordinate the activities of the structural subdivisions of the agency.

The procedural norms of the council will come into force starting June 1, 2021, and the rest on the 45th day after the publication of the amendments.

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