Need For Strong Competition Laws, Policies To Elevate Asean's Competitiveness

KUALA LUMPUR, March 9 (Bernama) -- There is a need for a strong competition laws and policies that can elevate ASEAN's competitiveness in the global market, said Malaysia Competition Commission chairman, Siti Norma Yaakob. She said the ASEAN Economic Community (AEC) with the ASEAN single market would need to look towards effective and enforceable competition rules that protect against anti-competitive practices and promote consumer welfare as well as allow for the pursuit of a regional competition policy. "A more regional-centred approach through both formal and informal cooperation initiatives may assist in forging a stronger competition environment in the ASEAN region," she said at the 7th ASEAN Competition Conference, here Wednesday. Siti Norma, the former Chief Judge of Malaya, stressed that implementing an effective regional competition policy was a big challenge due to the wide differences in socio-economic developments, legal institutions, lack of competition culture and weak regulatory framework among the 10 Southeast Asian countries. She said the AEC would continue its focus on constructing an integrated and cohesive economy, and enhancing competitiveness and dynamism through innovation and technology-oriented initiatives. Siti Norma said the regional grouping would also be ensuring a resilient, inclusive, people-oriented, people-centred ASEAN, promoting economic connectivity, enhancing sectoral integration and maintaining ASEAN's outward orientation. Closer to home, she said, for Malaysia and its population, the existence of competition law meant that the country's business environment was well regulated in dealing with anti-competitive practices. "Protection from anti-competitive practices means that everyone operates on a level playing field. "Increased competition will directly result in increased productivity and innovation, and ultimately this will mean more choices for consumers at lower prices," she said. The two-day conference from today aims to foster and shape the direction of competition law by encouraging the building of strong institutional and enforcement mechanisms to foster a more competition-aware region. -- BERNAMA