ISLAMABAD: As Pakis­tan was seemingly towards closer business ties with Russia, the government has directed the Compet­ition Commission of Pakistan (CCP) to initiate nego­tiations with the Federal Antimonopoly Service (FAS) of the Russian Federa­tion for bilateral cooperation.

Under the leadership of Dr Kabir Ahmed Sidhu, the CCP already has partnerships with key regulatory bodies worldwide.

However, the CCP’s initiative is also aimed at enhancing its international standing, with a particular focus on improving its current rating of three stars out of five.

Since Russia has enac­ted legislation to facilitate the digitalisation of the economy, the FAS is at the forefront of implementing a robust digital agenda.

Pakistan expects to gain insights and expertise from the Russian experience in this regard.

The signing of a memorandum of understanding (MoU) with the Russian regulator is expected to facilitate capacity building for CCP, especially in the realm of digitalisation.

This collaboration will also help in eliminating entry barriers and addressing anti-competitive practices, thereby creating opportunities for Russian companies to invest in Pakistan and contribute to the development of various markets in the country.

The collaboration will also pave the way for joint research projects in crucial enforcement areas, which will further strengthen CCP’s enforcement capabilities.

Both CCP and FAS recognise the importance of promoting fair competition, enhancing market efficiency, and safeguarding consumer welfare.

The proposed MoU aims to establish a framework for bilateral relations ba­sed on principles of equality and mutual benefit.

Published in Dawn, March 10th, 2024