The Ministry of Social Affairs, the Ministry of Commerce and Industry, and the Federation of Cooperative Societies signed a cooperation protocol stipulating the three parties' agreement to transfer the authority of the Pricing Committee from the Federation to (the Ministry of) Commerce.

In a joint statement issued on Monday, the two ministries clarified that the agreement includes establishing the necessary legal frameworks to transfer all electronic systems and price archives to (the Ministry of) Commerce, in addition to facilitating cooperation between the parties to streamline procedures related to the committee's work and expedite the processing of corporate circulars.

The statement emphasized that the agreement aligns with the Council of Ministers' directives to transfer the Pricing Committee's jurisdiction to (the Ministry of) Commerce in accordance with the law, while safeguarding the rights of all parties and respecting the mandates granted to each entity under existing laws and regulations.

The statement concluded by noting the three parties' commitment to collaborative efforts in monitoring and tracking prices to serve consumer interests and promote market stability.