Joint Statement by the ASEAN Experts Group on Competition in Response to the COVID-19 Pandemic
The ASEAN Experts Group on Competition (AEGC) notes the significant impact of the COVID-19 pandemic on ASEAN and the global economy. The AEGC notes that most, if not all sectors of the economy have been adversely affected by the pandemic which brought about business closures, loss of shareholder value and productivity, supply chain disruptions, reduced consumer confidence, unemployment and financial pressure on businesses, among others.
Notwithstanding the challenges arising from the pandemic, competition law continues to play a fundamental role in the economy. Fair competition, in an economy will enhance economic efficiency, stimulate innovation and economic growth and increase consumer welfare. This will greatly contribute to the region’s efforts in overcoming the pandemic’s adverse impact.
National competition authorities in ASEAN have developed various measures in response to the pandemic and have also helped governments implement national interventions to keep a level playing field and avoid market distortions.
The AEGC calls on all business sectors to continue to comply with competition law despite the current economic downturn.
Read the full statement in PDF here. The statement is also published on the ASEAN and AEGC websites.