Skopje, 12 October 2023 (MIA) — By limiting wholesale pricing discounts to 10 percent, the country's first-ever draft law banning unfair trade practices will contribute to lowering the prices of food and agricultural goods, Minister of Economy Kreshnik Bekteshi said after presenting the bill to the Economic Chamber in a working meeting on Thursday.

According to the economy minister, the draft law has been published on Electronic National Electronic Register of Regulations, and companies may submit their comments on the new legislation until Oct. 25. It will be fast-tracked in Parliament under the 'EU flag' procedure and if adopted, it will be the first time that North Macedonia has banned unfair trading practices.

The bill covers some 26 unfair trade practices and the business community would have six months to adapt to the proposed legislation, Minister Bekteshi said. Non-compliant companies would be fined up to 20,000 euros.

"Not only will prices drop but the quality of the products will rise," he said, adding that the law would limit the wholesale pricing discounts that supermarket chains may demand from producers and suppliers.

"Discounts now exceed 30 or 40 percent of the production price. The law will limit it to 10 percent and this would encourage supermarket competition and contribute to price cuts," Bekteshi added.

According to Economic Chamber representative Vasko Ristovski, the law is expected to "establish order" in the agricultural and food market.

"This is a completely new law, a new thing for all of us," Ristovski said after the working meeting. "Many questions were raised. It is a European law, adapted for our market. We believe it will establish order and legally regulate everything."

He added that the business community would submit a joint response to the Ministry of Economy after holding consultations over the next couple of weeks.

"We have time to review and clarify things. Maybe we have misinterpreted them. Maybe there is room for us to intervene," Ristovski said.

Bekteshi said the wording of the bill was based on EU directives and was currently being finalized. He added that the aim of the law was to protect all actors in the supply chain, which he said would also increase reliability and predictability of suppliers and buyers. mr/