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Lebanon approves competition law

BEIRUT (XINHUA) – Lebanon’s Parliament on Monday approved the long-awaited competition law while abolishing the scheme of exclusive dealerships in a bid to jumpstart the national economy, National News Agency reported.

House Speaker Nabih Berri told Parliament that many other countries have already abolished exclusive dealerships and Lebanon has finally decided to follow suit, allowing fair competition to take place in the country, said the reports.

Berri slammed exclusive dealers for reaping huge benefits from imports by hindering competition that would reduce consumer prices.

Exclusive dealerships have served the vested interests of certain economic actors and nurtured widespread monopolies, supporters of the law suggested.