The three economic laws, enacted since 2010, are considered essential pillars for enhancing the Iraqi economy. These laws include:
The Consumer Protection Law, issued under Law No. 1 for the year 2010, aims to ensure the rights of consumers and protect them from supplier exploitation and unfair practices in the market. This law seeks to provide comprehensive protection from price manipulation and ensure the availability of high-quality goods and services for consumers.
As for the Iraqi Product Protection Law, which was issued under Law No. 11 for the year 2010, it aims to protect the local industry from dumping resulting from the importation of foreign goods in large quantities, which harms national production. This law is essential for maintaining market balance and supporting Iraqi industries.
Regarding the Competition and Anti-Monopoly Law, it falls under Law No. 14 for the year 2010, to enhance market freedom and prevent certain entities from monopolizing goods or services in a way that harms fair competition.
Despite the passage of more than 14 years since their enactment, their full implementation still faces significant challenges, hindering their positive impact on the economy.
In many countries, the Consumer Protection Law plays a pivotal role in enhancing fairness between consumers and producers or sellers. It establishes a legal framework aimed at protecting consumers' rights and ensuring a fair and secure business environment. It is not just a means to guarantee the rights of individuals, but a key tool to support trust in the market and promote economic growth.
Additionally, this law contributes to raising the quality level of the products and services provided and ensures that consumers have the right to access accurate and transparent information about what they purchase, thereby increasing their ability to make informed decisions. Thus, it helps to promote fair competition among companies.
By providing this legal framework, countries that adopt strict consumer protection laws ensure a balance between businesses and consumers, fostering a healthy and sustainable economic environment that contributes to increased investments and long-term economic growth.
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