International Day of Competition


07-December-2017

Competition best tool for promoting consumer welfare

 

“Competition is the backbone of many economies both big and small and broadly accepted as the best available tool for promoting consumer welfare.”

This comes in a message from the Fair Trading Commission (FTC) on the occasion of the International Day of Competition celebrated on December 5.

FTC’s message reads:

“International days are observed in various areas of governance to focus attention of the society to burning and vital issues. Such observances in the developing world are always very helpful to accelerate the agenda.

“In cognizance of the importance of competition, the Commissions or authorities around the world that regulate competition in the various markets and sectors celebrate Competition day every December 5 each year. To further emphasise the importance of competition many activities are undertaken.

“The Fair Trading Commission is the custodian of the Fair Competition Act 2009 and it is continuously advocating in favour of free, open and fair competition in the country.

“Competition is the backbone of many economies both big and small and broadly accepted as the best available tool for promoting consumer welfare.

A campaign to ensure that consumers from across the world realise the potential benefits from an effectively implemented competition regime and also how to play their role in making competition regimes work worldwide is essential. It is critical that focus on competition policy and law issues at an international level be strengthened. This is therefore achieved through the adoption of the World Competition Day.”

 

 

 

 

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