Announcing the decision, Cabinet Co-spokesman Minister Bandula Gunawardena said the Government has recognised the need to revise the act to meet current market needs.
He said the existing act was passed in 2003 to curb market monopolies, anti-competitive behaviours and unfair trade practices taking place within the country as well as to protect consumers from such acts.
However, the Minister said many gaps in the law have now arisen with the lapse of over two decades.
“The current act was passed in 2003. It is around 20 years old. With time various gaps and shortcomings have arisen in the law,” he said