New Romanian Law Urges Retail Giants To Sell 51% Local Produce
Romania enforces law for retail giants to sell 51 percent of local produce that includes meat, fruits, eggs and vegetables.
Romanian President Klaus Iohannis signed the new law that was passed by Parliament in June this year to protect farmers of the country.
The new law is only applicable to retailers that have an annual turnover of over 2 million euros, which is approximately $2.2 million in USD.
It is learned violation of the new law may lead to fine of 100,000 to 150,000 lei (between $24,600 and $36,800 USD approximately). Repeated violations may also lead to shut down of the outlets by law.
Meanwhile, the Association of Big Retailers has criticized the new move of the government in supporting Romanian farmers as it may result with price hikes along with thousands of suppliers may go out of business too.
The new law can still be contested at the Constitutional Court.
As of now it is not yet clear whether the new law to meet market competition rules.
After 2000 the country has attracted several foreign investment and in 2011 it ranked 72nd out 175 economies offering ease of doing business.http://www.dailynewsz.com/new-romanian-law-urges-retail-giants-to-sell-51-local-produce/http://www.dailynewsz.com/wp-content/uploads/2016/07/New-Romanian-Law-Urges-Retail-Giants-To-Sell-51-pc-Local-Produce.jpghttp://www.dailynewsz.com/wp-content/uploads/2016/07/New-Romanian-Law-Urges-Retail-Giants-To-Sell-51-pc-Local-Produce-300x300.jpgBusinessworld newsromania