General Authority For Competition Engages At UN Conference On Competition And Consumer Protection In Geneva

The General Authority for Competition (GAC), led by CEO Dr. Fahad Alshathri, took part in the ninth session of the United Nations Conference on Competition and Consumer Protection. This event was organised by the United Nations Conference on Trade and Development (UNCTAD) in Geneva. Dr. Alshathri's speech focused on the Authority’s efforts to promote fair competition within Saudi Arabia.

Dr. Alshathri highlighted how GAC collaborates with both public and private sectors to support Saudi Vision 2030. This vision aims to create a globally competitive economy and a business-friendly environment. He noted that these partnerships are crucial for enhancing market efficiency and fostering an equitable economic landscape.

During a panel discussion titled "Competition and Regional Economic Organizations," Dr. Alshathri emphasised regional cooperation's significance, especially through the Arab Competition Network (ACN). He mentioned the benefits of cross-border collaboration, such as knowledge sharing and developing integrated enforcement mechanisms.

These collaborative efforts aim to strengthen competition policy as a tool for development and consumer protection across the region. The strategic advantages include creating credible enforcement systems that bolster economic growth while safeguarding competitive practices.

Dr. Alshathri stressed that rapid global economic changes require a balanced approach to implementing competition policies. Such an approach should ensure flexibility and effectiveness in addressing emerging challenges while maintaining innovation, economic growth, and fair competitive practices.

The Authority’s participation in this conference underscores its dedication to enhancing Saudi Arabia's global presence in competition and consumer protection fields. It also reaffirms its commitment to international best practices promoting transparency, equality, and innovation within the national economy.

By engaging in such international forums, GAC demonstrates its resolve to adhere to global standards while contributing positively to regional economic development through effective competition policies.

With inputs from SPA