Penalties were imposed on stockpilers and those who engage in price gouging: fines were issued to 127,000 individuals.

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In the inspections carried out within the scope of consumer protection, stockpilers and individuals and legal entities applying exorbitant prices were scrutinized. Those who committed irregularities were fined. Minister of Trade Ömer Bolat stated, "In the first 8 months of this year, our ministry's internal trade units imposed administrative fines totaling 1 billion 218 million TL on 127 thousand individuals and legal entities, and 4 billion 840 million TL on 142 companies."

"CARTEL FORMATION IN THE MARKET WILL BE PREVENTED"

Minister of Trade Ömer Bolat attended the Balkan Competition Platform Meeting held in Istanbul. In his opening speech at the meeting, Minister Bolat talked about the efforts made to combat exorbitant prices and stockpiling. Stating that penalties for exorbitant prices and stockpiling have been increased, Minister Bolat said, "As the Ministry of Trade, we are not neglecting our inspection duties alongside the legislative changes we have made within the scope of our regulatory responsibilities. In this context, our ministry's internal trade units imposed administrative fines totaling 1.5 billion TL on 55 thousand 772 individuals and legal entities in 2023. In the first 8 months of this year, administrative fines totaling 1 billion 218 million TL were imposed on 127 thousand individuals and legal entities. The Competition Authority is also conducting intensive inspections against activities that restrict competition and disrupt market structure. The Competition Authority has strong preventive powers against both cartel formation and anti-competitive actions, as well as attempts to abuse dominant positions. As a result of the authority's inspections in various sectors, a total of 2.7 billion TL in administrative fines was imposed on 166 companies in 2023. In the first 8 months of this year, a total of 4 billion 840 million TL in administrative fines was imposed on 142 companies," he said.

THE AIM IS FAIR MARKET FORMATION

Stating that significant legislative changes have been made to prevent activities that restrict competition and disrupt market structure, Minister Bolat said, "Both our Ministry of Trade and the independent body, the Competition Authority, are the authorized and responsible institutions for fair competition and fair market formation, and they carry out their duties meticulously. As the Ministry of Trade, we have made intense efforts in both regulation and inspection to establish a fair and effectively functioning market mechanism during this process. In terms of regulating internal trade, we have made significant amendments to the legislation related to corporate law and retail trade. In this context, we have enacted the 'Regulation on the Trade of Motor Vehicles.' Regarding regulations in the real estate sector, we have implemented the EIDS authorization verification application as of September 15. We have also made some legislative amendments in the areas of fruit and vegetable trade and licensed warehousing. During this process, we have made important legislative amendments to protect the final consumer. In this context, changes have been made in the regulation on distance contracts, the regulation on the sale of refurbished products, and the regulation on contracts established outside the workplace," he stated.

BALKAN COMPETITION PLATFORM ESTABLISHED

Minister Bolat stated that developments in digitalization and artificial intelligence technology have made the development of common standards in the field of competition law important, saying, "Collaborations to be carried out globally regarding competition should aim to develop mutual understanding and solidarity, resolve disputes with common sense, and minimize damage during crises." Emphasizing the importance of the Balkan geography, Minister Bolat continued: "This geography serves as a bridge between Asia, which is currently the world's production base, and the Western world, which consists of the largest global markets, in terms of both political and trade routes and logistics channels. This geostrategic position makes cooperation among regional countries very important in areas such as competition regulations and law. The establishment of a certain standard regarding competition law and rules in the trade relations of the regional countries will also contribute to conducting relations with actors outside the region on a more solid basis. With the Balkan Competition Platform established among nine Balkan countries, we aim to contribute to the development of both regional and global economy and competition policies and to create open and fair markets that will benefit everyone."