The historical evolution and enforcement of competition law in Pakistan
Keywords:Competition law, Competition acts, Competition commission, Competition Commission of Pakistan, International competition network, Pakistan new regime, Competition challenges
The study aims to highlight competition law in various aspects and gives a detailed account of its origin over time by underscoring legislation's salient characteristics. The research attempts to feature its structure, power, and policies while identifying the challenges faced by the contemporary competition law in Pakistan. The study adopts qualitative data analysis. The research assessed regulatory agency's effectiveness as a principal authority to apply competition policies while preventing anti-competitive conduct. The research contents that many sustainability challenges are being faced by competition law in Pakistan and globalized transformation is one of the reasons behind it, thus it needs to be addressed. It is recommended that there should be an ability to attract professionals and judicial discourse that needs to be based upon sound economic rationale as per competition theory. However, competition law is supposed to prevent anti-competition rituals and practices by nurturing free and fair competition in the market. It promotes greater competition in the market by safeguarding customers against inaccurate means adopted by firms. Therefore, competition law is essential for regulating businesses by ensuring producer and consumer welfare. It ultimately promotes healthy growth of the economy and social justice if there is consistent enforcement of the law.
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