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  • 10 months ago
Chairman of the Fair Trading Commission Dr Ronald Ramkissoon stressed that competition, policy and sector-specific regulations could be used as tools to harmonise business operations effectively.


Vishanna Phagoo
Transcript
00:00This year's annual meeting, hosted by the Fair Trading Commission for Key Stakeholders,
00:06themed Competition Policy and Sector-Specific Regulation, Complementary or Irreconcilable,
00:13narrowed in on the distinction between general competition and fair competition as it relates
00:19to harmonized operations among various sectors.
00:22In our view, Competition Policy and Sector-Specific Regulation are not inherently irreconcilable.
00:30Rather, they are complementary approaches or tools, if you wish, that when effectively
00:37harmonized, and this is a major reason of why we are hosting this meeting, this discussion
00:49today, when effectively harmonized can drive the development of fair, efficient, and resilient
00:58markets.
00:59He said the Commission's challenge as regulators is to strike the right balance between these
01:05approaches and ensure they meet the unique needs of each sector, while upholding the
01:11overarching principles of competition and fairness.
01:15Ramke soon explained that these two aspects often seem conflicting, but can work together
01:21to achieve sustainable economic growth.
01:25It may be argued that Competition Policy and Sector-Specific Regulation are irreconcilable.
01:34This may be a result of certain tensions such as overlapping mandates and conflicting objectives.
01:44When mandates overlap, this can not only cause inefficiencies, but can lead to uncertainty
01:52in the economic environment.
01:54Ramke soon further explained that differing and vague objectives may have different regulators
02:00with different approaches, which could result in conflict.
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