Kuwait city: The Ministry of Social Affairs, Ministry of Commerce and Industry, and the Kuwait Union of Consumer Cooperative Societies (KUCCS) have signed a trilateral cooperation protocol to transfer the authority of pricing to the Ministry of Commerce. This agreement marks a significant step in streamlining the pricing process within the country.
According to Kuwait News Agency, the agreement involves creating a legal framework to facilitate the transfer of all electronic systems and pricing records to the Ministry of Commerce. This move is in line with a Cabinet directive aimed at shifting the responsibilities of the pricing committee to the ministry, ensuring compliance with existing laws while safeguarding the legal rights and obligations of all parties involved.
The involved parties have also agreed to form joint teams to monitor prices, protect consumers, and promote market stability. This collaborative effort is expected to enhance the efficiency of price monitoring and consumer protection throughout Kuwait.