MoU inked to control prices, prevent manipulation

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KUWAIT CITY, Sept 7: As part of the government’s efforts to regulate prices and safeguard consumer interests, a memorandum of understanding and a collaborative agreement have been signed between the Federation of Consumer Cooperative Societies and the Ministry of Commerce and Industry. This initiative aims to oversee the pricing of goods and services within cooperative societies and parallel markets, reports Al-Qabas daily. The signing ceremony was attended by Minister of Social Affairs, Family Affairs, and Childhood, Sheikh Firas Al- Sabah, as well as Minister of Commerce and Industry and Minister of State for Youth Affairs, Muhammad Al-Aiban.

In a joint statement, the officials emphasized that the signing of this memorandum signifies a meaningful and productive collaboration between the Federation of Consumer Cooperative Societies and the Ministry of Commerce and Industry. According to the statement, the memorandum was inked by Abdul Wahab Al-Faris, President of the Federation of Consumer Cooperative Societies, and Ziyad Al-Najim, the Undersecretary of the Ministry of Commerce and Industry. It is set for a duration of 12 months, with the possibility of renewal by mutual agreement. This memorandum aims to foster extensive cooperation and grant the Ministry of Commerce access to the Federation’s price database.

This access is designed to facilitate close cooperation and data sharing between the two entities, ultimately enhancing price regulation within cooperative societies and parallel markets, with the primary goal of protecting consumers. The statement further outlined that the collaborative efforts laid out in the memorandum will revolve around “mutual agreement and cooperation to leverage the product database for monitoring market prices in cooperative societies and parallel markets.” The data to be shared will encompass product details such as the product’s name, brand, size and weight, country of origin, product price, and product barcode. This comprehensive approach seeks to ensure greater transparency and fairness in pricing for the benefit of consumers.

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