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Importance of free and fair Competition for Economic Growth
- Competition is an event or a contest in which people fight for superiority or supremacy. In the market, competition is taken as a process whereby firms fight against each other in order to secure customers for their products by adopting any means (fair or unfair). Therefore, each country enacts competition law by adopting competition policies for free and fair competition to achieve economic growth of country. Under the provisions of the Competition Law, unfair competition of businesses, monopolizations, restrictive agreements or arrangements among enterprises and abuse of dominant position in the market will be eliminated and controlled. By doing so, it will protect the grievances of public interests and will promote the economic growth of the country by cooperating in the free competition network for international and regional free flow of goods and services, free flow of investments, skilled-laboured workers and money. Moreover, it will encourage the innovative skill by protecting the intellectual property rights of the inventors, investors and producers in the market.
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