Fair Trading body joins world in marking World Competition Day |06 December 2013

An education session organised for representatives of various agencies, companies and businesses was the main activity the Fair Trading Commission (FTC) organised yesterday to mark World Competition Day.

Commemorated for the first time here, it coincided with the FTC’s fourth anniversary this December.

Held at the Seychelles Trading Company’s conference hall the session was aimed at further educating key stakeholders and partners in business on the importance of fair competition and trade when doing business.

The chief executive of the FTC, George Tirant, said emphasis is on education which is the key when enforcing fair trading legislation.

He pointed out that the FTC is not alone as a competition authority and as next year it is celebrating its 5th year of existence it saw it fitting  to step up advocacy, stakeholders’ and consumer welfare education.

Under the theme ‘Fostering Fair Competition in Seychelles and Enforcing the Fair Competition Act of 2009’, the session was launched by the principal secretary for Finance, Trade and Investment Dr Steve Fanny.

In remarks when addressing guests Dr Fanny said the UN-declared World Competition Day is aimed at ensuring consumers around the world are made aware of the potential benefits of an effective competition regime and the development of a competition culture.

“It is critical that we strengthen focus on competition policies and laws at the domestic level. This will encourage the state to adopt, improve, and effectively enforced appropriate competition legislation,” he said.

He said commissions across the globe have pledged support towards the proclamation of December 5 as the Competition Day with the view of drawing recognition and raising awareness on competition issues and the importance of having competitive markets worldwide.

Dr Fanny highlighted the fact that the FTC has been for the past four years actively advocating for a national competition law for all stakeholders. A recent workshop it organised in October brought in two Canadian experts who gave an insight into the practical side of enforcing competition laws and allowed those taking part to seek clarifications on competition concepts as maybe practicable to their respective fields.

He added that the ministry encourages such workshops and seminars which are ways to develop clear understanding between different authorities on the expected changes that are arising from a newly liberalised market and the need for synergy between authorities for the effective monitoring of the market.

The national competition law has therefore shown to be critical in maintaining a competitive market and plays a major role in encouraging innovation leading to greater benefits for consumers.

“The ministry encourages and supports the work and effort of the FTC under its mandate to promote fair competition and eliminate anti-competitive practices,” added Dr Fanny.

He said the ministry congratulates the FTC on moves to amend its legislation with help from the United Nations Conference on Trade and Development (UNCTAD) to allow for a concise, updated and smoother enforcement of legislation.

During the session those present heard presentations on the competition Act of 2009, learn more about anti-competitive agreements, abuse of dominance, mergers, the different remedies, enforcement and penalties.

There was also a panel to answer questions and clarify issues raised by the audience.