Fish market crisis due to lack of proper rules

A new study on the recent crisis in the fish- market blames the authorities for not instituting proper rules and regulations regarding trading in the market, and for not implementing existing rules on fair competition.

The study, prepared by a specialized outside agency, accused the Ministry of Commerce and Industry of being lax in its duties and for not taking appropriate measures to find a solution to the problems in the fish auction market.

The study revealed that the current practices in fish auctioneering stem from the failure of the ministry to put in place policies and processes to ensure fair competition and stop illegal manipulation of prices in the market. The detailed study of the situation recommended that the ministry should issue licenses to brokers selling fish and monitor their performance, and investigate cases of price-fixing by auctioneers.

The recommendations also included improving the process by removing or easing restrictions on fishermen to access the market, increasing transparency, appropriately registering and identifying actual bidders, identifying and regulating a number of steps prior to the auction, and strengthening the way in which prices are submitted according to best practices. In addition to limiting the ability of price providers to withdraw their bids, and amend the rules and mechanisms related to information.