The Competition and Fair Trading Commission (CFTC) has asked companies to abide by the principles of the Competition and Fair Trading Act in order to promote economic growth and consumer welfare.
CFTC Director of Mergers and Acquisitions Richard Chiputula made the call on Wednesday during a business session the organisation held at the Trade Fair Grounds in Blantyre.
Chiputula said companies must always endeavour to protect consumer welfare as the consumer is central to the success of any business.
“In order for a consumer to be satisfied, companies should ensure that their products are available and meet demand. But in the case where competition from other companies hinders this satisfaction, then the company fails to grow,” he said.
CFTC has since introduced the Competition and Consumer Protection Compliance
Programme to promote competitive business practices.
This compliance programme has been set under the Competition and Fair Trading Act which regulates markets and safeguards competition for the ultimate benefit of the consumer.
“Companies need to comply with the Act if they are going to have a good relationship with their competition as well as consumers. The set of instructions under the compliance programme will help this,” Chiputula said.
Sales and Marketing Manager at Combine Cargo Esther Chafumuka applauded the effort by the Commission to bridge the gap between consumers and companies.
“The initiative is great because the Competition and Fair Trading Act will help companies in their conduct around competitors and consumers,” Chafumuka said.
In terms of how consumers will benefit from the Act, Chiputula said the Act protects consumers from practices that hinder the full enjoyment of their rights like businesses denying liability for defective products.