Saturday, May 18, 2024

Strengthening Competition Regulation: Azerbaijan and Hungary’s New Memorandum of Understanding

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Azerbaijan and Hungary have recently strengthened their collaboration in the area of competition regulation through the signing of a memorandum of understanding. This significant agreement was inked between Azerbaijan’s State Service for Antimonopoly and Control Over Consumer Market, operating under the Ministry of Economy, and the Hungarian antimonopoly agency.

The memorandum encompasses a comprehensive framework for cooperation, focusing primarily on the interagency exchange of experiences related to the development of competition policies, the analysis of legal violations, and other pertinent issues. This collaboration marks a significant step forward in fostering an environment of fair competition and robust entrepreneurship within and between the two nations.

During a significant delegation visit to Hungary, the signing ceremony saw Mammad Abbasbeyli, the head of Azerbaijan’s State Service, and Csaba Balázs Rigó, the head of the Hungarian antimonopoly agency, formalize this partnership. The meeting underscored the importance of bilateral ties and the study of best practices in competition development. Among the topics discussed were the State Service’s functions, including the forthcoming Competition Code set to be effective from July 1, regulatory policy, and control mechanisms as per the new code.

The State Service for Antimonopoly and Control Over Consumer Market is at the forefront of crafting and implementing policies related to antimonopoly measures in Azerbaijan. It plays a pivotal role in ensuring fair market practices, public procurement regulations, technical standardization, metrology, and consumer protection. These efforts collectively aim at maintaining a balanced and competitive market environment, essential for the sustainable growth of the national economy.

This body was established following a presidential decree issued on October 23, 2019, bolstering Azerbaijan’s commitment to refining its economic regulatory frameworks. Through such international collaborations as witnessed with Hungary, Azerbaijan continues to demonstrate its dedication to embracing best practices in competition law and policy, ensuring a dynamic and competitive market landscape for its entrepreneurs and consumers alike.

Alexandra Bennett
Alexandra Bennetthttps://www.businessorbital.com/
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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