6th East Asia Conference on Competition Law and Policy

16 September 2011

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6th East Asia Conference on Competition Law and Policy To Help Build Awareness Of Regions' Competition Legislation

Discussions Enable Companies to Protect Themselves Against Anti-Competitive Practices

SINGAPORE, 16 September 2011 – Minister of State for Trade and Industry, Mr Teo Ser Luck, spoke at the 6th East Asia Conference on Competition Law and Policy organised by the Competition Commission of Singapore today. In his address as the Guest of Honour, he reminded a distinguished audience of competition regulators, legal practitioners, businesses and academics of the importance of keeping markets open and competitive, to allow the forces of competition to shape businesses to be keen and agile. This will make the economy more resilient to economic shocks.

Mr Teo identified four key benefits of competition in stimulating economic progress. Firstly, competition benefits consumers by bringing about a greater variety of goods and services. Secondly, competition pushes companies to be more efficient and productive. Thirdly, competition stimulates innovation and dynamism in the marketplace. Lastly, competition drives economic restructuring.

Lauding the Competition Commission of Singapore as an effective and responsive regulator, he noted that competition authorities will continue to play an important role in fostering a healthy and competitive marketplace for economic growth. Ms Yena Lim, Chief Executive of CCS said, “This Conference has raised awareness of how competition law works differently in the region. Businesses need to know how to comply with the competition laws of the countries they plan to expand into. They should also learn how to approach the competition authorities for help if they encounter anti-competitive practices that might hinder their business. In Singapore, sound competition policies have provided a conducive business environment and raised investor confidence.”

Mr Ho Meng Kit, Chief Executive Officer, Singapore Business Federation noted that, “Investors will be encouraged to expand operations in a business environment which has established transparent and predictable competition laws and policies. To foster such an environment, it is in the joint interest of competition authorities and businesses to collaborate towards the adoption of competitive practices. As a result, the open competitive community will attract more investors, drawn by a framework which is pro-business.”

"Competition promotes economic growth. In this regard, competition laws and policies play an integral role for economic development. As competition agencies, we are responsible to continuously reinforce and develop robust competition legislation for the maintenance of a competitive market environment to spur economic growth. More importantly, we are also here to help businesses understand and adopt the competition framework that has been put in place,” said Mr. Kazuhiko Takeshima, Chairman, Japan Fair Trade Commission.

The speakers at the conference include keynote speaker, Elsa Chen, Principal Economist, Allen & Gledhill; Kazuhiko Takeshima, Chairman, Japan Fair Trade Commission; Shila Dorai Raj, Chief Executive Officer, Malaysia Competition Commission; Gantuya Buddorj, Acting Head of International Cooperation Department, Authority for Fair Competition and Consumer Protection, Mongolia and Victorio Mario A. Dimagiba, Director of the Department of Trade & Industry, the Philippines. Other notable speakers include Prof Ian McEwin, National University of Singapore, and prominent legal practitioners such as Kala Anandarajah of Rajah & Tann; Daren Shiau of Allen & Gledhill, and Lui Chun Fai of Baker & McKenzie.

The Conference is held in collaboration with the Japan Fair Trade Commission (JFTC), Asian Development Bank Institute (ADBI) and Singapore Business Federation (SBF). More than 80 members of the business community as well as senior officials from government agencies, legal firms and academia attended the event. The annual East Asia Conference on Competition Law and Policy forum is scheduled to be hosted in Malaysia next year.

The East Asia Conference (EAC) is held in conjunction with the East Asia Top Level Officials’ Meeting on Competition Policy (EATOP). The 7th EATOP, organized by CCS, is a closed-door meeting for competition agencies and relevant public sector agencies to review recent developments on competition policy and aim, as well as strengthen cooperation work among East Asian economies. Some 50 top officials from ASEAN and the East Asian region attended the 7th EATOP yesterday.

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