GAC pact with Saudi Customs to raise business awareness, stimulate competitive practices

Abdulaziz bin Obaid, Deputy Governor for Legal Affairs, the General Authority for Competition 

The General Authority for Competition's (GAC) Deputy Governor for Legal Affairs, Abdulaziz bin Obaid, said the signing of the memorandum of joint cooperation with the Saudi Customs Authority aims to raise business sector awareness, spread the culture of competition and stimulate legitimate competitive practices.

The memorandum also aims to launch joint programs to combat monopolistic practices that affect freedom of competition, as well as create free and competitive markets based on the principles of supply and demand and legitimate competition in accordance with the contents of competition laws and its executive regulations, the official told Argaam in a statement.

He indicated that the Customs Authority is one of the most important institutions with a pivotal and important role in the ongoing economic reforms in the national economy and in supporting the movement of markets and accelerating the practice of business. In addition, the Customs Authority provides an effective communication channel between the competition authority on one hand and investors on the other hand, expecting it to contribute to spreading the culture, contents and rules of competition and launch compliance programs that achieve the highest level for all establishments with their various works in the competition system.

Earlier this week, the General Authority for Competition signed a memorandum of cooperation with the Customs Authority to enhance, protect and encourage competition climate in the business sector and combat monopolistic practices affecting legitimate competition.

The authority said that the memorandum aims to increase the exchange of information and studies between the two sides and enhance joint action to protect and encourage fair competition, spread its culture, and improve the investment environment in the commercial sector to be dynamic, attractive, price justice, diversity and innovation.

Abdulaziz bin Abdullah Alzoom, Governor of the General Authority for Competition, said that this step came to keep pace with the major developments and reforms underway in the national economy to maintain a fair and transparent competition environment for the business sector in order to enable enterprises to achieve the principles of competition pursued by the Kingdom to achieve its promising Vision 2030.